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='/veterans/news-article-detail.aspx?id=155542'>Grave of Black veteran of War of 1812 receives headstone</a></p> <p><a href='/veterans/news-article-detail.aspx?id=155541'>World War II veteran, motorcycle champion turns 102</a></p> <p><a href='/veterans/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>Network of Care for Service Members, Veterans & Their Families is an online information portal for individuals, families and social service agencies to serve those who have served our country. </p> </div> <h3 id="lblTechAssistance" style="color: #fff; 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Mayne Pharma slumps 30% as Cosette threatens to scrap $432 million deal