Mayne Pharma Group Limited (MYX.AX) has requested a trading halt of its securities on the Australian Securities Exchange. The halt is pending the release of a material announcement related to the proposed acquisition of Mayne Pharma by Cosette Pharmaceuticals, Inc. through a scheme of arrangement. Mayne Pharma is a specialty pharmaceutical company focused on applying its expertise to commercialise medicines that improve patient lives, while also providing contract development and manufacturing services to clients worldwide.
The company has requested that the trading halt remain in effect until the earlier of the commencement of normal trading on November 25 or when the anticipated announcement is released to the market. This move follows Treasurer Jim Chalmers’ decision to block the $672 million bid from US-based Cosette Pharmaceuticals.
Treasurer Chalmers cited that the acquisition would be contrary to Australia’s national interest. The trading halt ensures that the market is fully informed of developments before trading resumes. Investors are advised to monitor announcements from Mayne Pharma for further updates regarding the proposed acquisition and its implications.
