Mayne Pharma (ASX:MYX) chairman Frank Condella will retire, along with two other directors, as the company moves to reduce the size of its board following a failed acquisition bid by US-based Cosette Pharmaceuticals.
Condella’s departure, effective Jan. 14, concludes more than four years on the board, including nearly five years as chair. He will be succeeded by existing director Bruce Robinson.
The board shake-up comes after Cosette walked away from a proposed $600 million deal to acquire Mayne Pharma, blocked by Treasurer Jim Chalmers on national interest grounds.
Disputes remain over which party is responsible for paying the deal's break fee.
Non-executive directors Patrick Blake and Anne Lockwood will also step down following the company's half-year results in February, citing a desire to "focus on other opportunities."
Blake joined the board in June 2018, while Lockwood was appointed in November 2023.
The board has recommended shareholders vote to re-elect directors Ann Custin and David Petrie at Mayne’s annual general meeting on Jan. 29.
"On behalf of the board and the broader Mayne Pharma community, I would like to thank Frank for his stewardship and dedication over the last four and a half years as chair during a transformational period," Robinson said.
At the time of reporting, Mayne Pharma's share price was $2.96.