Private equity-backed US pharmaceutical giant Cosette has made a $672 million cash takeover bid for women’s health and dermatology group Mayne Pharmaceuticals.
The company, which last week revealed earnings were stabilising after years of volatility, has recommended shareholders accept the $7.40 a share bid, which is a 37 per cent premium to the company’s closing share price on Thursday, but a fraction of the $42 it was trading at in 2016.
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Michael Smith is the health editor for The Australian Financial Review. He is based in Sydney. Connect with Michael on Twitter. Email Michael at michael.smith@afr.com
