- 01Sells international arm to Evaris for $55.5m.
- 02Retains US Women’s Health, Dermatology and DistributeRx.
- 03Deal due Q3 FY27, pending ACCC clearance.
Mayne Pharma (ASX: MYX) has agreed to sell its international pharmaceutical operations to Evaris Pharma for $55.5 million in cash, positioning the group to concentrate entirely on its US specialty medicines business.
The binding transaction covers Mayne Pharma International (MPI), including contract development and manufacturing and Australian and international commercial activities centred on the Salisbury facility in South Australia.
The price equates to 0.79 times MPI’s FY26 revenue of $70.7m and 12.1 times its direct contribution of $4.6m.
Mayne Pharma will retain its US Women’s Health and Dermatology businesses along with the DistributeRx direct-to-patient platform, which management identifies as its principal growth opportunities.
Completion is expected in the third quarter of FY27, subject to Australian Competition and Consumer Commission clearance and other customary conditions.
Sharper US Market Focus
The divestment follows a portfolio review launched after the termination of a scheme implementation deed in December 2025, with the board seeking to maximise value for shareholders.
Once the sale is completed, management intends to direct capital and attention towards its remaining US operations rather than maintaining an owned Australian manufacturing facility.
The board considers the simpler, single-market structure better suited to executing its Women’s Health strategy and expanding the DistributeRx business.
“Transaction proceeds strengthen Mayne Pharma’s balance sheet as we execute our US growth strategy,” chief executive officer Aaron Gray said.
“The sale will make us a business 100% focused on the US, where our Women’s Health and Dermatology franchises and the DistributeRx platform represent the clear majority of group revenue and our largest growth opportunity.”
Salisbury Ownership Change
Evaris Pharma will acquire all shares in MPI as a going concern, taking control of the Salisbury manufacturing and development facility and its associated commercial and manufacturing operations.
The Australian buyer supplies hospital and specialty pharmaceutical products across Australia and New Zealand and is part of a group ultimately held by General Pharma Holdings.
Mayne Pharma and Evaris have agreed terms for continued manufacture and supply of DORYX MPC and TOLSURA from Salisbury, supporting continuity for US customers and patients.
Transitional services and brand licensing arrangements will operate for a limited period following completion as the businesses separate their activities.
“With the capabilities of Evaris Pharma behind it, we see opportunities to expand MPI’s contract manufacturing business, utilise the recent facility upgrade, and build on the momentum of its Australian portfolio,” Evaris chief executive officer Steffan Crausaz said.
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