FIRB Extends Deadline to 14 Nov as Mayne Pharma Court Hearing Set for 18 Nov

Background on the Acquisition Scheme

Mayne Pharma Group Limited (ASX, MYX), a specialty pharmaceutical company with a strong presence in dermatology and women’s health, is progressing through the final stages of a proposed acquisition by Cosette Australia BidCo Pty Ltd. The transaction is structured as a scheme of arrangement, a common mechanism in Australia for effecting takeovers, which requires court approval following shareholder consent.

Shareholders overwhelmingly supported the scheme at a meeting held in June 2025, clearing a significant hurdle towards completion. However, regulatory and legal approvals remain critical before the deal can be finalised.

FIRB Approval Timeline Extended

The Foreign Investment Review Board (FIRB), responsible for vetting foreign acquisitions to safeguard national interests, has extended its statutory deadline for approval to 7 November 2025 and is now considering a further voluntary extension to 14 November 2025. This extension reflects the complexity and scrutiny involved in the review process, especially given the strategic nature of pharmaceutical assets.

Mayne Pharma has indicated that if FIRB approval is granted before 14 November, it may seek to bring forward the scheduled court hearing to expedite the acquisition’s completion. This flexibility underscores the company’s eagerness to finalise the transaction promptly once regulatory clearance is secured.

Upcoming Court Hearing and Shareholder Rights

The Supreme Court of New South Wales has set the second and final court hearing to approve the scheme for 18 November 2025. This hearing is a procedural but essential step to legally sanction the acquisition, enabling Cosette Australia BidCo to take full ownership of Mayne Pharma.

Importantly, shareholders retain the right to appear at the hearing and oppose the scheme, though opposition would require formal filings and affidavits submitted in advance. This provision ensures transparency and fairness, allowing any dissenting voices to be heard before the court’s decision.

Implications for Mayne Pharma and Investors

The acquisition promises to reshape Mayne Pharma’s ownership and potentially its strategic direction, with Cosette Australia BidCo poised to integrate the company’s innovative pharmaceutical portfolio. For investors, the timing of FIRB approval and the court’s endorsement will be pivotal in determining when the transaction completes and what the immediate market impact might be.

While the process appears on track, the extended regulatory timeline and the possibility of shareholder opposition inject a degree of uncertainty. Market participants will be watching closely for any developments that could accelerate or delay the acquisition’s finalisation.