Cosette Pharmaceuticals Acquires Mayne Pharma

Life Sciences

On Feb 21, 2025

Bridgewater-based Cosette Pharmaceuticals, Inc., a fully integrated, pharmaceutical company, announced today that it has entered into a definitive agreement to acquire all the outstanding shares of Mayne Pharma Group Limited at $7.40/share (Australian dollars) for a total consideration of approximately $430 million (US dollars). 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.

“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,” said Apurva Saraf, president and CEO of Cosette Pharma. “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,” said 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 combination will create a leading women’s health and dermatology focused pharmaceuticals company in the U.S. with an established presence in international markets, utilizing the strengths of two industry players to drive innovation and expand access to women’s health therapies.

Cosette will utilize its market-leading commercial and operational capabilities, backed by its 350+ strong team and a leading portfolio of women’s health and dermatology products alongside Mayne Pharma’s complementary strength in these specialty areas. Mayne Pharma is backed by a 480+ strong team, including highly effective and successful sales and marketing teams in both specialties. The combined company will have two state-of-the-art FDA -approved manufacturing sites – one each in Lincolnton, North Carolina and Salisbury, South Australia – to service patients globally.

Upon close, Cosette will market 12 patent-protected products focused on women’s health and dermatology, including leading brands such as VYLEESI^®, INTRAROSA^®, NEXTSTELLIS^®, ANNOVERA^®, BIJUVA^®, IMVEXXY^® and RHOFADE^®, and several programs in clinical development.

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. 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 in the absence of a superior proposal and subject to an independent expert concluding the scheme is in the best interests of Mayne Pharma’s shareholders

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.

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