Cosette Pharmaceuticals, Inc. is acquiring Mayne Pharma.
Cosette will acquire all the outstanding shares of Mayne Pharma Group Limited at AUD$7.40/share for a total consideration of approximately USD $430 Million.
The Boards of Directors of both companies have approved the transaction and Mayne Pharma’s Board of Directors has unanimously recommended that its shareholders vote in favor of the transaction. The transaction is expected to close in the second quarter of 2025.
The deal strengthens Cosette’s dermatology and women’s health businesses, expands Cosette’s commercial and operational capabilities, and adds multiple sustainable and growing patent-protected products. Upon close, Cosette will market 12 patent-protected products focused on women’s health and dermatology, including leading brands such as Rhofade (oxymetazoline topical) and several programs in clinical development.
“This acquisition marks a transformational step for Cosette, adding patented, high-growth products to solidify our leadership in women’s health in the U.S. and expanding our reach globally,” says Apurva Saraf, President and CEO of Cosette Pharma, in a news release. “By combining Cosette’s strong portfolio with Mayne Pharma’s proven commercial expertise, the combined company will be well positioned to further invest in innovation, portfolio expansion and better serve our patients. We look forward to a timely closing and welcoming Mayne Pharma to the Cosette family.”
“Joining the Cosette team amplifies our shared mission to improve lives through innovative and accessible Women’s health and dermatology medicines,” adds Shawn Patrick O’Brien, CEO, Mayne Pharma. “This transaction represents a unique opportunity for our employees, customers, and patients. Together, we will extend the reach of important therapies, drive innovation, and improve patient access.”
The transaction, which comprises the acquisition of 100% of Mayne Pharma’s outstanding shares by way of a scheme arrangement, is expected to close in the second quarter of 2025, subject to customary closing conditions, including customary regulatory and shareholder approvals. The combined company will be privately held upon completion of the transaction. Cosette is being advised by Santander US Capital Markets LLC and UBS Investment Bank as financial advisers and Ropes & Gray LLP and Corrs Chambers Westgarth as legal advisers. Mayne Pharma is being advised by Jefferies Australia as financial adviser and Gilbert + Tobin and Arnold & Porter as legal advisers.
