Mayne Pharma chair steps down following Cosette acquisition saga
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The news: Mayne Pharma chair Frank Condella will retire alongside two other directors as the company moves to shrink its board following a failed bid by US-based Cosette Pharmaceuticals.
The context: Cosette was able to walk away from a more than $600 million proposal to acquire Mayne Pharma after Treasurer Jim Chalmers blocked the deal on national interest grounds. However, which party is responsible for paying the break fee has remained a contentious issue.
Condella’s retirement is effective from 14 January. He served as a director from May 2018 and as a board chair since September 2021. Existing board director Bruce Robinson has been appointed as a chair.
The company said it will “continue to evaluate the appropriate skills and expertise necessary for the board to drive shareholder value”.
Non-executive directors Patrick Blake and Anne Lockwood will step down following the release of the company’s half year results in February 2026 “to focus on other opportunities”, according to Mayne.
Blake has been a director since June 2018 while Lockwood has served since November 2023.
The board is recommending that shareholders vote in favour of re-electing board directors Ann Custin and David Petrie at Mayne’s annual general meeting on 29 January 2026.
What they said: “On behalf of the Board and the broader Mayne Pharma community, I would like to thank Frank for his stewardship and commitment to Mayne Pharma and for the leadership and dedication shown over the last four and a half years as chair in a transformational period,” Robinson said.
“I would also like to thank Pat and Anne for their positive contributions and the time and energy they have invested into Mayne Pharma. We wish each of them all the best for their future endeavours.”
The source: ASX
