Back on the 21st Feb 2025, Mayne Pharma (MYX AU) entered into a Scheme with US-based pharmaceutical outfit, Cosette Pharmaceuticals, at A$7.40/share. The wheels fell off the deal shortly afterward.
Cosette issued a “material adverse change“ notice concerning a FDA warning/notice (on Nextstellis®) and Mayne’s earnings guidance. The Supreme Court disagreed. Cosette appealed. The Court has now dismissed that appeal.
Cosette’s concurrent threat to shut the Salisbury manufacturing plant lead to Treasurer Jim Chalmers blocking the deal last November. Thanks Jim. Absent your intervention, Cosette had no legal out.
Mayne Pharma (MYX AU): This One's On You Jim As Court Dismisses Cosette's Appeal
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