SYDNEY (Reuters) -Australia on Friday blocked a A$672 million ($433 million) buyout offer for Mayne Pharma from U.S. drugmaker Cosette Pharmaceuticals, citing national interest. “My decision is entirely consistent with the (Foreign Investment Review Board) advice that the proposal would be contrary to Australia’s national interest,” Treasurer Jim Chalmers said in a statement. Cosette bid […]
Health
Australia blocks Cosette Pharmaceuticals bid to buy Mayne Pharma
Audio By Carbonatix
SYDNEY (Reuters) -Australia on Friday blocked a A$672 million ($433 million) buyout offer for Mayne Pharma from U.S. drugmaker Cosette Pharmaceuticals, citing national interest.
“My decision is entirely consistent with the (Foreign Investment Review Board) advice that the proposal would be contrary to Australia’s national interest,” Treasurer Jim Chalmers said in a statement.
Cosette bid A$7.40 per share for Adelaide-based Mayne in February but has since tried to back out of the deal, saying a weaker financial performance from Mayne had resulted in a material adverse impact that rendered their agreement void.
($1 = 1.5521 Australian dollars)
(Reporting by Renju Jose in Sydney; editing by Diane Craft)