BAF NEWS

TL;DR

Treasurer blocks Cosette Mayne Pharma deal after adopting FIRB advice that the proposal is not in Australia’s national interest. Shares dived, a Mayne Pharma trading halt followed, and the court hearing rescheduled November 23, 2025 will shape what comes next.

Treasurer blocks Cosette Mayne Pharma deal: what changed

Treasurer blocks Cosette Mayne Pharma deal after accepting the FIRB’s advice that the proposal would be contrary to the national interest. “I have accepted the very clear and unambiguous recommendation … to block … on national interest grounds,” the Treasurer said.

Here’s the twist: the decision explicitly aims to protect critical medical supply chains, local jobs and communities. Officials said conditional approval would not remove unique risks to essential medicines.

Why the Treasurer blocks Cosette Mayne Pharma deal

The FIRB recommendation on the Cosette takeover was described as clear and decisive. Moreover, the statement said “no conditions could be put in place to adequately mitigate national interest risks, particularly unique risks to the supply of critical medicines.”

You might be surprised that advice incorporated inputs from Health, the TGA and the South Australian Government. What no one is mentioning: the Panel’s ruling was considered, yet the Panel is independent and does not apply a national interest test.

This national interest block on Mayne Pharma will now frame any next steps. Therefore, the Treasurer’s stance narrows room for a conditional deal.

Takeovers Panel ruling on Salisbury site context

On November 19, the Takeovers Panel declared unacceptable circumstances tied to Cosette’s changed intentions for Mayne’s Salisbury site. It made Takeovers Panel Salisbury site orders requiring Cosette to agree to any Treasurer‑required FIRB conditions relating to that site, where not inconsistent with prior disclosures.

Evidence shows the market was not proceeding in an efficient, competitive and informed way. As the Panel put it, Cosette’s changed intentions meant the control process “is contrary to an efficient, competitive and informed market.” Those Takeovers Panel Salisbury site orders remain a live backdrop.

Market reaction: MYX plunges and halts

Investors moved fast. Mayne Pharma fell about 23% to $4.45 after the announcement, before a pause at 10:18am AEDT and a halt at 10:26am.

The Mayne Pharma trading halt will remain until a material announcement or the start of trading on November 25. Consequently, liquidity may stay thin until disclosures land.

Timeline of key decisions and dates

• November 19, 2025: Panel declares unacceptable circumstances and issues orders on the Salisbury site.
• November 21, 2025: FIRB deadline was extended to this date, the Treasurer announced the decision. The FIRB recommendation on the Cosette takeover had been decisive.
• November 23, 2025, 3:00pm AEDT: Court hearing rescheduled November 23, 2025 on the scheme.
• Up to November 25, 2025: Trading halt in place unless an announcement is made sooner.

What’s next

Attention now turns to the court hearing rescheduled November 23, 2025. If disclosures satisfy the market, the Mayne Pharma trading halt could lift by November 25.

Here’s the twist: any path forward must sit alongside Takeovers Panel Salisbury site orders and potential Treasurer‑required conditions about Salisbury. Therefore, the national interest block on Mayne Pharma will continue to define the parameters.

You might be surprised that debate may still surface about whether any revised approach can satisfy the same FIRB concerns. However, the FIRB recommendation on the Cosette takeover and the Treasurer’s stance point to a high bar. As the Treasurer blocks Cosette Mayne Pharma deal, investors will watch for court and company updates.