Delayed Court Hearing Raises Questions Over Mayne Pharma Acquisition Timeline

Background on the Acquisition Scheme

Mayne Pharma Group Limited, a specialty pharmaceutical company listed on the ASX, is progressing through the final legal steps required for its acquisition by Cosette Australia BidCo Pty Ltd. The proposed scheme of arrangement, which would see Cosette acquire 100% of Mayne Pharma shares, has already secured shareholder approval at a meeting held in June 2025. The next critical milestone is the Supreme Court of New South Wales hearing to formally approve the scheme.

Rescheduling of the Court Hearing

The company has announced that the second court hearing, originally scheduled earlier, will now take place at 4, 30pm AEDT on Monday, November 3, 2025, at the Supreme Court in Sydney. This hearing is a necessary step to obtain the court’s sanction of the scheme, enabling the acquisition to proceed. The timing aligns with expectations around the Foreign Investment Review Board’s (FIRB) decision, which is a key regulatory hurdle.

Regulatory and Shareholder Considerations

The FIRB’s approval is a prerequisite for the scheme to be fully implemented. While the board anticipates a decision before October 31, 2025, the court hearing date remains flexible. Mayne Pharma has indicated it may seek to bring the hearing forward if FIRB approval is granted earlier, demonstrating a readiness to expedite the process. Importantly, shareholders who oppose the scheme retain the right to appear and present their case at the hearing, ensuring transparency and due process.

Strategic Implications for Mayne Pharma

This acquisition marks a significant transition for Mayne Pharma, a company with a 40-year history of pharmaceutical innovation, particularly in dermatology and women’s health. The deal promises to integrate Mayne Pharma’s capabilities with Cosette’s resources, potentially enhancing product development and market reach. However, the final approval hinges on regulatory clearance and court sanction, underscoring the importance of these procedural steps.

Looking Ahead

The scheduled court hearing on November 3 is a pivotal moment for Mayne Pharma’s shareholders and the broader market. With the FIRB decision imminent and shareholder rights preserved, the company is navigating a complex but well-structured path toward completing the acquisition. Stakeholders will be watching closely for any developments that could accelerate or complicate the process.