Australia's Mayne Pharma plunges on potential deal collapse with Cosette

Shares of Mayne Pharma MYX.AX fall as much as 33.5% to A$4.310, marking their biggest intraday pct loss since early March 2009

Stock hits lowest level since 22 November 2024

The pharmaceutical firm says U.S.-based Cosette Pharmaceuticals initiated review of its A$672 mln ($433.10 mln) acquisition, citing "material adverse change" in the Australian firm's business and finances

Says Cosette's claim triggers a mandatory 10-business-day consultation period with co to discuss the change in good faith

Says deal could collapse if significant negative outlook impacts the co's financial health, business, or outlook

About 3.3 mln shares change hands, vs the 30-day average of 879,126

Stock down 9.6% YTD

($1 = 1.5516 Australian dollars)