With a $430 million buyout of Australia’s Mayne Pharma locked down, Cosette Pharmaceuticals is looking to become a leading force in women’s healthcare.
The New Jersey-based drugmaker agreed to purchase all outstanding Mayne shares for AUD $7.40 per share in a deal expected to close in the second quarter of this year. With the agreement, Cosette brings into its fold a clutch of women’s healthcare and dermatology brands—plus several programs in clinical development and manufacturing sites in North Carolina and South Australia.
“This acquisition marks a transformational step for Cosette, adding patented, high-growth products to solidify our leadership in women’s health in the U.S. and expanding our reach globally,” CEO Apurva Saraf said in a statement. “By combining Cosette’s strong portfolio with Mayne Pharma’s proven commercial expertise, the combined company will be well positioned to further invest in innovation, portfolio expansion and better serve our patients.”
The companies will operate with a combined workforce of more than 800 employees. Together, the combined Mayne-Cosette product line will span the gamut of women’s health and include birth control options Nextstellis and Annovera, menopause meds Bijuva, Intrarosa and Imvexxy and hypoactive sexual desire disorder treatment Vyleesi, plus rosacea cream Rhofade and several other products.
Vyleesi was once hailed as one of two drugs that could potentially become “the female Viagra,” but it struggled under its original maker Palatin Technologies. In late 2023, Cosette stepped in to buy the therapy for $12 million plus potential milestones.
Cosette also recently picked up popular sleep med Ambien from Sanofi, a deal that fell in line with the company’s “leading expertise in carving out critical drugs from global pharma companies,” it said at the time.
In 2024, Mayne garnered revenues of $388.4 million, with most of the haul coming from the U.S.
The company has had its hands in a number of smaller M&A deals over the years before selling fully to Cosette. In 2023, Mayne sold its U.S. generics portfolio of 45 commercially available meds—and 40 approved but nonmarketed drugs—to Dr. Reddy’s Laboratories for up to $105 million. That deal came after Mayne snapped up $153 million worth of products from women’s health drugmaker TherapeuticsMD.