Mayne Pharma Group Limited (ASX: MYX) has announced an update regarding its proposed acquisition by Cosette Pharmaceuticals, Inc. via a scheme of arrangement (Scheme). Mayne Pharma is an ASX-listed specialty pharmaceutical company focused on commercialising novel pharmaceuticals to offer patients better, safe and more accessible medicines. The company is also addressing ongoing legal proceedings with Cosette in the Supreme Court of New South Wales, which relate to Cosette’s initial attempt to terminate the Scheme Implementation Deed (SID).
Following the Supreme Court’s ruling on 15 October 2025, which favoured Mayne Pharma and dismissed Cosette’s claims, Cosette and its BidCo have filed a notice of intention to appeal. This notice, lodged with the Supreme Court of New South Wales, indicates that the Cosette parties intend to commence appeal proceedings on or before 15 January 2026. The notice does not specify any reasons or proposed grounds for the intended appeal.
Mayne Pharma has affirmed its commitment to implementing the Scheme and will continue to take all necessary steps to that end. The Scheme remains subject to certain conditions, including securing FIRB approval and the Supreme Court of New South Wales’ approval at the second court hearing, scheduled for 8:30am (AEDT) on Tuesday, 18 November 2025.
Mayne Pharma is currently evaluating the steps required to expedite the appeal process. The company has stated it will keep the market informed of any potential changes to the indicative timetable announced on 7 November 2025, including the current End Date of 20 November 2025. The announcement was authorised for release by the Board Chair.
