Aaron Gray
Chief Executive Officer
Thank you very much, operator. Good morning, everyone, and thank you for joining us on short notice. I’m Aaron Gray, Chief Executive Officer of Mayne Pharma, and I’m joined today by Griffin Buchanan, our Chief Financial Officer.
This morning, we announced that Mayne Pharma has entered into a binding agreement to sell Mayne Pharma International, or MPI, our Australian manufacturing and commercial business to Evaris Pharma for total cash consideration of $55.5 million. I’ll take you through the transaction highlights and the strategic rationale, the MPI business, the key conditions and timetable, and what Mayne Pharma looks like after completion. Griffin Buchanan and I will then take your questions related to the transaction.
Slide 2, please take a moment to read the disclaimer regarding forward-looking statements and the use of non-IFRS measures. Today’s comments should be read in conjunction with our audited financial statements and ASX disclosures.
Turning to Slide 3 and the transaction highlights. The sale of MPI completes Mayne Pharma’s transition to a specialty pharmaceutical company that is 100% focused on the United States. Evaris will pay $55.5 million in cash at completion. That amount represents 0.79x MPI’s fiscal year ’26 revenue of $70.7 million and 12.1x its fiscal year ’26 direct contribution of $4.6 million. We regard that as a fair value for a business that contributed about 4% of the group’s direct contribution in fiscal year ’26, while carrying the fixed cost and ongoing capital requirements of the Australian-owned manufacturing facility.
Completion is expected in the third quarter of fiscal year ’27. Importantly, the transaction is not subject to FIRB approval and is not subject to a financing condition. Transaction proceeds added to
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