FIRB again extends deadline on Cosette acquisition of Mayne Pharma
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The news: The Foreign Investment Review Board (FIRB) has unilaterally extended the statutory deadline to make a decision on Cosette Pharmaceuticals’ acquisition of Mayne Pharma to 21 November.
An ASX notice filed by Mayne on Thursday evening said that FIRB also rescheduled the Court hearing to approve the scheme to take place at 3:00pm Sunday 23 November 2025.
FIRB has been scheduled to release its decision on the takeover on Thursday 20 November.
The context: The US-based private equity-backed suitor has been trying to get out of the deal for months, but its attempts to terminate the deal were blocked by the NSW Supreme Court. Earlier this month Cosette warned that it intends to appeal the Supreme Court decision.
On Wednesday the Takeovers Panel ordered Cosette to agree to “any conditions reasonably required” by Treasurer Jim Chalmers with respect to Mayne Pharmaceuticals’ South Australian factory, “including conditions reasonably restraining its closure”.
The two parties were also ordered to provide each other with all communications between that party and the FIRB in connection with the deal.
The decision offered a glimmer of hope to Mayne shareholders that the Treasurer may have a stronger position to back the completion of the sale, given the requirement for Cosette to accept conditions that restrain it from closing the SA factory.
The Treasurer's office has previously disputed whether it could keep the facility open through conditional approval.
The source: ASX
