Mayne Pharma sells international arm for US$35.9M in US pivot
What's the deal? Australia's Mayne PharmaDealroom has a profile for this one. Try Dealroom → has agreed to sell its international segment to Western Australian-based Evaris Pharma for US$35.9M in cash, leaving the company focused solely on its US business. Shares jumped 11% to US$1.96 after the November 6 announcement.
What's being sold? The deal covers Mayne Pharma International, which includes contract development and manufacturing plus Australian and international commercial operations centred on the Salisbury facility in South Australia. Mayne keeps its US Women's Health and Dermatology businesses, along with the DistributeRx direct-to-patient platform.
By the numbers: The price equates to 0.79 times the unit's FY26 revenue of US$45.7M and 12.1 times its direct contribution of US$2.98M. That contribution was just 4.6% of group earnings, so the sale does not require shareholder approval.
Why now? The divestment follows a portfolio review launched after a scheme implementation deed was terminated in December 2025. That collapsed deal would have seen US suitor CosetteDealroom has a profile for this one. Try Dealroom → buy the whole company for about US$434.8M, before it tried to exit in court and signalled it could sell or close the 40-year-old Salisbury plant.
What's the endgame? "The sale will make us a business 100% focused on the US," chief executive officer Aaron Gray said, pointing to Women's Health, Dermatology and DistributeRx as the group's "largest growth opportunity." Proceeds will strengthen the balance sheet for its US strategy.
The 240 Salisbury workers will stay with the business, and Evaris will keep making Mayne's Doryx MPC and Tolsura products under a supply agreement.
What could go wrong? Completion, expected in the third quarter of FY27, depends on clearance from the Australian Competition and Consumer Commission. A US-only Mayne is also more exposed to execution risk, including generic competition in Dermatology.
The signal: After a bruising takeover saga and group underlying EBITDA falling 27% to US$22.1M in FY26, Mayne is betting a cleaner, single-market structure wins back investors — a reset shareholders rewarded on day one.
Read more: listcorp.com
Image credit: Generated with Gemini
