Mayne Pharma slumps 30% as Cosette threatens to scrap $432 million deal

- 5/21/2025

</head><body><p>(Reuters) -Shares of Mayne Pharma plunged 30% on Wednesday after U.S.-based Cosette Pharmaceuticals initiated a review of its A$672 million ($432.1 million) acquisition, citing a "material adverse change" in the Australian firm's business and finances.</p><p>Shares of Mayne Pharma, a dermatology and women's health company, were down 30.3%, as of 0108 GMT, and on course for their worst day since early-March 2009, if losses hold.</p><p>Under the February agreement, Cosette's acquisition of Mayne is subject to a "material adverse change" condition, allowing the deal to collapse if significant negative developments impact Mayne's financial health, business, or outlook.</p><p>Cosette did not immediately respond to a request for comment outside of business hours.</p><p>The Bridgewater, New Jersey-headquartered pharmaceutical products manufacturer has indicated that Mayne's trading performance, including its nine-month earnings update, legal case with TherapeuticsMD, and its recent talks with the U.S. Food and Drug Administration (FDA) constitute the "adverse change".</p><p>Last month, Mayne received an FDA letter concerning promotional claims made about its oral contraceptive, Nextstellis.</p><p>Cosette's claim triggers a mandatory 10-business-day consultation period with Mayne to discuss the change in good faith.</p><p>Cosette has indicated that it will issue a notice to terminate the deal if the consultation process fails to reach a satisfactory outcome, Mayne said in a statement on Wednesday.</p><p>Mayne, which rejected the issues raised in the Cosette notice, said it remains open to talks to resolve the matter.</p><p>($1 = 1.5552 Australian dollars)</p><p/><p> (Reporting by Himanshi Akhand in Bengaluru; Editing by Sherry Jacob-Phillips)</p></body></html></p> <div id="news-wrapper"> <div class="thumbnail additional-resources client-content-image-box"> <div class="box-image" style="background-image: url(/images/home/news.jpg);"></div> <div class="caption"> <h3>Nationwide News</h3> <div> <p><a href='/mh/news-article-detail.aspx?id=155564'>NJ AG investigating after Fort Lee police shoot woman in ‘mental health crisis’</a></p> <p><a href='/mh/news-article-detail.aspx?id=155555'>How understaffing, mental health failures led to ‘mounting crisis’ in Richland County jail</a></p> <p><a href='/mh/news-archive.aspx'>News Archive</a></p> </div> </div> </div> </div> </div> </div> </div> </section> </div>  <footer class="footer">  <div class="clearfix footerInfo"> <div class="container"> <div class="row"> <div class="col-sm-7 col-xs-12"> <div class="footerText"> <a href="http://www.trilogyir.com/" target="_blank" class="footerLogo"><img src="/images/Noc-Logo-white.png" alt="Footer Logo" style="width: 200px;"></a> <div class="genericContent" id="landingPageText"> <p>The Network of Care for Mental/Behavioral Health is an online information portal for individuals, families and social service agencies concerned with community mental health services, substance use treatment programs and help for people with developmental disabilities.</p> </div> <h3 id="lblTechAssistance" style="color: #fff; 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Mayne Pharma slumps 30% as Cosette threatens to scrap $432 million deal