Cosette Pharmaceuticals, Inc., a Bridgewater-based, fully integrated pharmaceutical company, has confirmed the termination of its proposed acquisition of all outstanding shares of Australia’s Mayne Pharma Group Limited.
The deal’s collapse follows a ruling by the Treasurer of Australia blocking the transaction and the subsequent expiry of the Scheme Implementation Deed (SID) in November. Cosette served its notice of termination on Mayne Pharma on Dec. 9, which was followed by a reciprocal notice from Mayne Pharma on Dec. 11.
The termination, however, has instantly led to a legal dispute. Cosette Pharmaceuticals strongly rejects Mayne Pharma’s claims that it breached the Scheme Implementation Deed and contends that Mayne Pharma’s recent announcements to the ASX contain material inaccuracies.
Cosette stated that it has “at all times been fully transparent in its engagement with Australian regulators and complied with its legal obligations in all respects.” The New Jersey-based company affirmed that it will “vigorously defend itself against Mayne’s allegations if required.”
Furthermore, Cosette intends to pursue legal action:
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It plans to appeal the adverse judgment of the Supreme Court of New South Wales.
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It is prepared to “pursue claims against Mayne Pharma for the harm caused to Cosette from its conduct.”
Despite the setback of the terminated acquisition, Cosette emphasized the strength and resilience of its current business. The company highlighted the “remarkable transformation” it has achieved over the past five years, noting that its R&D and business development pipeline remains robust.
Cosette’s portfolio includes leading brands such as CLOMID®, VYLEESI®, and INTRAROSA®, supported by a highly cash-flow generative established products business featuring well-known brands like AMBIEN®, WELCHOL®, and BENICAR®, among more than 100 generic products.
The company operates corporate and manufacturing facilities in New Jersey and a state-of-the-art manufacturing facility in Lincolnton, N.C., supported by over 350 dedicated team members.
