Mayne Pharma will sell its international operations, including the Salisbury manufacturing site, to Evaris Pharma for $55.5 million in cash. The deal leaves the company focused entirely on its US Women’s Health, Dermatology and DistributeRx businesses, subject to ACCC approval.
- $55.5 million cash sale of Mayne Pharma International
- Salisbury manufacturing and CDMO operations transfer to Evaris Pharma
- Mayne Pharma retains US Women’s Health, Dermatology and DistributeRx
- Deal values the segment at 0.79 times FY26 revenue
- Completion expected in the third quarter of FY27, subject to ACCC clearance
Mayne Pharma exits international operations for $55.5 million
Mayne Pharma Group Limited (ASX:MYX) is selling its international arm for $55.5 million, a deal that will remove the company’s Australian manufacturing base and complete its shift to a US-only specialty pharmaceuticals business. The cash consideration is subject to customary working capital adjustments and is payable when the transaction completes.
The buyer is Evaris Pharma, an Australian pharmaceutical manufacturer owned by General Pharma Holdings. The transaction covers Mayne Pharma International, including the Salisbury, South Australia facility, its contract development and manufacturing operations and its Australian and international commercial portfolio.
Sale separates Salisbury from Mayne’s US growth assets
Mayne Pharma will retain its US Women’s Health and Dermatology businesses, as well as the DistributeRx direct-to-patient platform. Chief executive Aaron Gray said the sale would direct management attention and capital towards those operations, which the company describes as its highest-return opportunities.
The company said the consideration equates to 0.79 times Mayne Pharma International’s FY26 revenue of $70.7 million and 12.1 times its FY26 direct contribution of $4.6 million. Those figures provide a useful valuation yardstick, although the announcement does not disclose the segment’s earnings after other costs or the final proceeds after completion adjustments.
The board began the sale process after the termination of the Scheme Implementation Deed in December 2025, a transaction that later produced a Cosette legal costs award. Mayne Pharma said the current sale process was intended to maximise value for shareholders and that the proceeds would strengthen its balance sheet.
Salisbury supply agreements preserve key US medicines
The sale will not immediately sever Salisbury’s role in supplying Mayne Pharma’s US products. The parties have agreed a supply arrangement under which the site will continue manufacturing DORYX MPC and TOLSURA for Mayne Pharma. Transitional services and brand licensing arrangements will also remain in place for a limited period after completion.
Completion is expected in the third quarter of FY27, but the agreement still requires clearance under the Australian Competition and Consumer Commission’s mandatory merger notification regime, alongside other customary conditions. The transaction does not require Foreign Investment Review Board approval, shareholder approval or financing.
The next test is execution after the portfolio reset
For Mayne Pharma, the strategic logic is straightforward: exchange a mixed geographic and operational footprint for a simpler US-focused group, while ending the ongoing capital requirements of owning a manufacturing facility. The unresolved question is how quickly the retained businesses can convert that sharper focus and the sale proceeds into improved performance.
Investors will also need to track the ACCC process, the final working capital adjustment and the continuity of supply from Salisbury. Until completion, the transaction remains an agreement rather than cash in the bank, and Mayne Pharma has not quantified the post-sale revenue, earnings or balance-sheet profile that will emerge.
Bottom Line?
The sale simplifies Mayne Pharma’s structure, but its investment case will increasingly rest on whether US Women’s Health, Dermatology and DistributeRx can carry the group after completion.
Questions in the middle?
- Will the ACCC clear the transaction without conditions that alter the timetable or economics?
- What will Mayne Pharma’s pro forma revenue and earnings profile look like after the international segment leaves the group?
- Can Evaris Pharma maintain Salisbury supply while expanding the facility’s CDMO and Australian commercial businesses?