Cosette Pharma plans to appeal Supreme Court decision to escape Mayne Pharma buyout
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The news: Cosette Pharmaceuticals intends to appeal a NSW Supreme Court decision that blocked its attempts to terminate an acquisition of Mayne Pharma.
The context: Mayne told the exchange on Monday afternoon that Cosette had filed a notice of intention to appeal with the Supreme Court of New South Wales, flagging an intention to commence appeal proceedings on or before 15 January 2026.
In mid-October, the Supreme Court ruled against Cosette’s attempts to terminate the deal, which had argued a material adverse change had occurred at Mayne, among several other claims.
Notably, this could be beyond the current 20 November end date of the scheme of implementation deed to acquire Mayne. It is also beyond the potential extended deadline of 19 December that Mayne is asking the Takeovers Panel to order Cosette to accept.
The deal is still subject to Foreign Investment Review Board approval, with the board currently expected to finalise its decision by 14 November.
Treasurer Jim Chalmers’ preliminary decision is to block the deal based on claims made by Cosette that it would shutter Mayne’s flagship manufacturing facility in South Australia if the deal went through.
However, the emergence of interested potential buyers of the facility has sparked hopes that the deal could be approved on the condition it be sold and kept running.
The source: ASX
