Mayne Pharma moves to terminate Cosette acquisition over alleged breaches

Mayne Pharma Group Limited announced on December 3, 2025, its issuance of a notice of intention to terminate the Scheme Implementation Deed (SID) with Cosette Pharmaceuticals, Inc. This action follows Mayne Pharma's inability to reach a resolution with Cosette regarding the proposed acquisition via a Scheme of Arrangement, as outlined in the SID dated February 20, 2025.

The notice to Cosette cites material and allegedly wilful breaches of the SID. Mayne Pharma claims Cosette's conduct and engagement with FIRB led to the defeat of the FIRB condition. Additionally, Cosette is accused of material breaches related to its obligations to secure sufficient funds for the scheme, even after an extended End Date, and failures to comply with representations and warranties concerning its debt financing obligations.

Mayne Pharma has reserved all rights concerning Cosette's alleged breaches and failure to perform its obligations. The SID may be terminated if the stated circumstances persist for five business days, concluding on December 10, 2025.