Australia's Mayne Pharma plunges on potential deal collapse with Cosette

Mayne Pharma

21/05/2025 04:19

** Shares of Mayne Pharma MYX.AX fall as much as 33.5% to A$4.310, marking their biggest intraday pct loss since early March 2009

** Stock hits lowest level since 22 November 2024

** The pharmaceutical firm says U.S.-based Cosette Pharmaceuticals initiated review of its A$672 mln ($433.10 mln) acquisition, citing "material adverse change" in the Australian firm's business and finances

** Says Cosette's claim triggers a mandatory 10-business-day consultation period with co to discuss the change in good faith

** Says deal could collapse if significant negative outlook impacts the co's financial health, business, or outlook

** About 3.3 mln shares change hands, vs the 30-day average of 879,126

** Stock down 9.6% YTD

   ($1 = 1.5516 Australian dollars)

 (Reporting by Sneha Kumar in Bengaluru)

 ((Sneha.kumar@thomsonreuters.com;))