Mayne Pharma CEO Steps Down Amid $475m Metrics Contract Services Sale
CEO’s Departure Marks Turning Point For Mayne Pharma
Significant change is brewing at Mayne Pharma, with the Australian firm announcing the proposed sale of its US-based CDMO business for nearly half-a-billion dollars. At the same time, long time CEO Scott Richards is heading for the exit door.
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Mayne Pharma and Dr Reddy’s have announced the completion of a deal that will see the Indian company take over the Australian firm’s US generics business.
Revenue falls 33% over the half year for the ailing Australian pharmaceutical as it pivots from generics to the branded market
Dr Reddy’s has struck a deal to pay at least $90m for the US prescription generics portfolio of Mayne Pharma. The transaction covers products including Mayne’s recently-launched rival to NuvaRing.