Mayne Pharma has announced that the Foreign Investment Review Board (FIRB) has extended the statutory deadline for its decision regarding Cosette Pharmaceuticals’ proposed scheme of arrangement. The new deadline is set for November 20. FIRB approval is a necessary condition for the deal to proceed as planned. Mayne Pharma is a specialty pharmaceutical company focused on applying its expertise to commercialise novel and generic pharmaceuticals, offering patients better, safe and more accessible medicines. Cosette Pharmaceuticals is a US based company.
According to Mayne Pharma, Cosette’s existing debt funding for the scheme will remain accessible if the scheme becomes effective by November 24. However, the company noted that one lender’s due diligence process could take several weeks, and there is no guarantee of final approval from that lender. Mayne Pharma clarified that the scheme and Cosette’s payment obligations are not contingent upon this particular debt.
The second court hearing to approve the scheme of arrangement is scheduled for November 21. If the scheme proceeds as planned, Mayne Pharma shares are expected to trade for the last time on the Australian Securities Exchange on November 24. Investors are advised to monitor further announcements from Mayne Pharma regarding the scheme’s progress.
