Mayne Pharma Group has denied any knowledge of discussions between the South Australian government, Cosette Pharmaceuticals, and the Foreign Investment Review Board (FIRB) regarding Cosette’s proposed $672 million takeover. This follows reports in The Australian Financial Review that the state government had requested FIRB block the deal over concerns that Mayne Pharma’s Salisbury manufacturing plant in Adelaide would be shut down.
Mayne Pharma clarified that it did not inform FIRB of these alleged discussions. The company reiterated that it has no intention of closing the Salisbury site and has not engaged in any direct communication with either FIRB or the South Australian government concerning the takeover transaction. Mayne Pharma is a specialty pharmaceutical company focused on applying its expertise to commercialise novel and generic pharmaceuticals, offering patients better health outcomes.
The company is now evaluating whether to communicate directly with FIRB to address these matters. Mayne Pharma believes there is no justifiable reason for Cosette to continue withholding its consent for the acquisition. They produce a range of medications, focusing on women’s health and dermatology.
Shares in Mayne Pharma were relatively stable following the announcement, indicating the market’s confidence in the company’s position. The firm continues to work towards finalising the acquisition and ensuring a smooth transition for all stakeholders.
