THE Supreme Court of New South Wales has approved the convening of a meeting of Mayne Pharma shareholders to consider and vote on the company's purchase by Cosette Pharmaceuticals (PD 21 Feb).
Shareholders will vote in a hybrid meeting on 18 Jun hosted at the InterContinental Melbourne by IHG.
The directors of the South Australia-based Mayne Pharma are unanimously in favour of the purchase, which they believe is in the best interests of shareholders, with the company's two largest shareholders previously indicating they will vote in favour of the proposal.
News of Cosette's intended purchase of Mayne initially broke earlier this year, with the US company to pay A$7.40 per share for a total purchase price of around A$672 million.
Mayne Pharma is a leader in dermatology and women's health, provides contract development and manufacturing services to clients worldwide, and has a 40-year track record of innovation and success in developing new oral drug delivery systems.
Cosette has a portfolio of products in women's health and dermatology, and a history in the manufacturing of complex dosage forms including creams, oral liquids/solutions and suppositories.
The above article was sent to subscribers in Pharmacy Daily's issue from 16 May 25
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