Mayne Pharma weighs sale of US operations to unlock shareholder value
Mayne is considering a split of its operations to help shareholders recover from unrealised losses after Cosette’s $600 million takeover deal collapsed in December.
Mayne Pharma is considering selling its US operations to deliver near-term value to shareholders after a deal worth more than $600 million to acquire the company in 2025 was blocked by Treasurer Jim Chalmers over foreign investment concerns.
In December, the company consulted shareholders on possible paths forward, in a process which has already resulted in a smaller board. Planning is progressing alongside preparations to defend a court appeal by former suitor Cosette Pharmaceuticals, which could determine who pays a $6.72 million break fee.
Mayne chief executive officer Shawn Patrick and chief financial officer Aaron Gray consulted shareholders, some of whom are facing millions of dollars in unrealised losses. Mayne declined to comment, with its half-year results due in February.
After Cosette’s initial takeover proposal was announced in February 2025, Mayne’s share price rose to about $7.20 but has since fallen to below $2.90, its lowest level since mid-2023.
