FIRB Extends Deadline, Mayne Pharma Acquisition Court Date Pushed Back
Mayne Pharma’s acquisition by Cosette Pharmaceuticals faces a regulatory delay as the Foreign Investment Review Board extends its approval deadline, pushing the court hearing to mid-November.
- FIRB extends statutory deadline for approval to 14 November 2025
- Court hearing to approve acquisition rescheduled to 18 November 2025
- Scheme of arrangement remains subject to FIRB and court approvals
- Indicative timetable for key acquisition milestones updated
- Mayne Pharma shares to suspend trading upon scheme effectiveness
Regulatory Delay in Acquisition Process
Mayne Pharma Group Limited (ASX, MYX) has announced a significant update regarding its proposed acquisition by Cosette Pharmaceuticals, Inc. The Foreign Investment Review Board (FIRB) has unilaterally extended the statutory deadline for its approval to 14 November 2025. This extension delays the regulatory green light that is critical for the transaction to proceed.
Impact on Court Proceedings and Timetable
Following the FIRB extension, the court hearing initially scheduled to approve the scheme of arrangement has been rescheduled to 8, 30am AEDT on Tuesday, 18 November 2025. This hearing is a pivotal step in the acquisition process, as court approval is required alongside FIRB consent and other conditions outlined in the Scheme Implementation Deed.
The company has provided an updated indicative timetable for key events, including the effective date of the scheme on 19 November 2025 and the suspension of Mayne Pharma shares from trading on the ASX from that date. Shareholders can expect to receive their scheme consideration by 1 December 2025, assuming all approvals are secured.
What This Means for Shareholders and the Market
For shareholders, the delay means a longer wait before the acquisition is finalised and before they receive any consideration. Mayne Pharma has reassured shareholders that no action is required at this time and that it will keep the market informed of any further developments, including the possibility of bringing forward the court hearing if FIRB approval arrives sooner.
From a market perspective, the extension introduces a degree of uncertainty, albeit procedural, as regulatory approvals are often a formality but can sometimes reveal complexities. The suspension of trading on the effective date will mark the end of Mayne Pharma’s independent listing, a significant milestone for investors and the healthcare sector.
Looking Ahead
Mayne Pharma remains a leader in specialty pharmaceuticals, particularly in dermatology and women’s health, with a strong US presence and a 40-year history of innovation. The acquisition by Cosette Pharmaceuticals promises to reshape its future, but the timeline now hinges on regulatory and judicial approvals in the coming weeks.
Bottom Line?
The extended FIRB deadline and rescheduled court hearing signal a cautious but critical phase ahead for Mayne Pharma’s acquisition journey.
Questions in the middle?
- Will FIRB approval be granted before the new 14 November deadline?
- Could the court hearing be brought forward if regulatory approval arrives early?
- What are the potential implications if either FIRB or court approval is delayed further?
