Australia's Mayne Pharma slides on US co's notice to scrap $432 mln deal

Mayne Pharma

04/06/2025 06:10

** Mayne Pharma MYX.AX slides as much as 12.5% to A$4.14, lowest since November 21, 2024

** Co gets purported notice to terminate $432 million acquisition offer from U.S.-based Cosette Pharmaceuticals

** Says it intends to reject termination notice as invalid

** Stock set for biggest intraday pct loss since May 21, when MYX posted its worst day in 16 years, plunging 30%, after Cosette initiated a review of its buyout offer

** About 3.4 mln shares traded in stock's busiest day since May 21

** MYX last down 5.7%, takes YTD losses to ~10%

 (Reporting by John Biju in Bengaluru)

 ((John.Biju@thomsonreuters.com;))