Court Rejects Cosette Bid to Drop Mayne Pharma Deal
An Australian appeals court has dismissed Cosette Pharmaceuticals attempt to back out of its takeover of Mayne Pharma. The court ruled that Maynes financial decline did not meet the threshold for a material adverse change.
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Mayne Pharma Group Ltd lost its bid to force Cosette Pharmaceuticals out of a A$672 million ($470.13 million) buyout after an Australia court dismissed an appeal on Wednesday afternoon. The New South Wales Court of Appeal upheld a lower court ruling that the United States-based drugmaker lacked valid grounds to abandon the acquisition. The legal setback leaves Cosette facing mounting pressure to complete a transaction that has already triggered regulatory intervention.
