Mayne Pharma has initiated legal proceedings in the New South Wales Supreme Court against Cosette Pharmaceuticals, Cosette Pharmaceuticals Holdings, Avista Healthcare Partners, and Avista’s Chief Executive Officer, David Burgstahler. The lawsuit centres on allegations of a breach of the scheme implementation deed (SID) concerning Cosette’s proposed acquisition of Mayne Pharma, an agreement which was ultimately terminated in December of the previous year. 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 also provides contract development and manufacturing services to clients worldwide.
The legal action seeks substantial damages to compensate for losses incurred as a result of the alleged breach. Mayne Pharma contends that the named defendants induced Cosette’s breach of the SID. In addition to the claims against Cosette, Mayne Pharma is pursuing damages from the other defendants, asserting their involvement in the events leading to the termination of the acquisition agreement.
The termination of the proposed acquisition followed a period of uncertainty and negotiation. Mayne Pharma is resolute in its pursuit of compensation and is confident that the legal process will provide a just resolution. The company has stated it will provide further updates as the case progresses through the courts.
