Mayne Pharma to be acquired by US-based women’s health company

Adelaide-based pharmaceutical company Mayne Pharma has reached an agreement to be acquired by US pharma company Cosette for A$672 million.

Cosette, backed by private equity firm Avista Healthcare Partners and funds managed by investment firm Hamilton Lane, has an established portfolio in women’s health and dermatology. The acquisition aligns with its strategy to expand its presence in these high-growth therapeutic areas.

Mayne Pharma Chair, Frank Condella, welcomed the deal, stating “We are pleased that Cosette has recognised significant value in Mayne Pharma, particularly in our women’s health and dermatology businesses, and the offer provides shareholders with the opportunity to receive cash value at a significant premium. The Board believes that the proposed transaction is in line with the Board’s priority to deliver value to our shareholders, and also provides significant benefits for our broader stakeholders.”

Cosette CEO Apurva Saraf described the acquisition as a major milestone, reinforcing the company’s leadership in women’s health.

“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,” Saraf said. “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.”

Mayne Pharma CEO, Shawn Patrick O’Brien, said the deal reflects the company’s progress in strengthening its market position.

“This marks a pivotal moment in Mayne’s journey to improve patient access to life-enhancing medications. Attracting an offer from a strategic buyer who is active in the US dermatology and women’s health markets, such as Cosette, reflects the excellent work our teams have been doing to strengthen our company over the last year and more. As we enter this new chapter, we do so as a stronger, more agile company,” O’Brien stated.

Mayne Pharma has engaged in several strategic transactions in recent years, including the 2023 sale of its U.S. generics portfolio – comprising 45 commercially available and 40 approved but nonmarketed drugs – to Dr Reddy’s Laboratories for up to $105 million. This followed its $153 million acquisition of products from women’s health drugmaker TherapeuticsMD.

The Cosette acquisition has been unanimously approved by the boards of both companies, with Mayne Pharma’s board recommending that shareholders vote in favour of the deal. Once finalised, the combined company will operate with a workforce of more than 800 employees in the short-term.

The transaction is expected to close in the second quarter of 2025.

In reimagining healthcare across the entire patient journey, Health Industry Hub^TM is the only one-stop-hub uniting the diversity of the Pharma, MedTech, Diagnostics & Biotech sectors to inspire meaningful change.

The Health Industry Hub^TM content is copyright protected. Access is available under individual user licenses. Please click here to subscribe and visit T&Cs here.