Mayne Pharma (ASX:MYX) is set to return to the Supreme Court of New South Wales next month to recover legal costs from its failed $672 million takeover by US-based Cosette Pharmaceuticals.
The legal battle follows a turbulent period for the Adelaide-founded healthcare group, which saw its share price collapse to $2.80—just a third of Cosette's original $7.40-a-share offer—after Treasurer Jim Chalmers blocked the deal on national interest grounds in November 2025.
At the Jan. 29 annual general meeting, the company narrowly avoided a "first strike" on its remuneration report, with 22.47% of shareholders voting against executive pay.
Chairman Bruce Robinson, who recently replaced Frank Condella, faced a frustrated audience as he pledged to restore value through improved cash generation.
The meeting was further complicated by the absence of US-based CEO Shawn O'Brien, who was unable to attend or join virtually due to severe snowstorms in North Carolina.
While the Supreme Court previously ruled that Cosette could not scuttle the deal over financial performance claims, Cosette has filed an appeal that Mayne intends to vigorously defend.
Beyond the litigation, the board is under pressure to consider drastic measures to unlock value, including a potential sale of its Adelaide manufacturing plant or a demerger of its US assets.