- Sells 4,221,815 shares to reduce stake in Mayne Pharma to 4.96%
- Shares acquired as part of agreement on US commercialization of Estelle®
- Natural point to monetize investment, following authorization and launch in US
- Remains major shareholder in Mayne Pharma and strong collaboration continues
Liege, Belgium, 16June 2023 – 8:50 CEST – Mithra (Euronext Brussels: MITRA), a company dedicated to Women’s Health, today announces the sale of 4,221,815 shares in Mayne Pharma Group Limited (ASX: MYX) at a price of A$3.86 per share, in line with Mayne Pharma’s last close (ie 0% discount). The settlement is expected to take place at T+2 business days.
Mithra continues to hold 4,221,816 shares in Mayne Pharma, a leading Women’s Health player in oral contraceptives in the US, and its stake now corresponds to 4.96% of the outstanding shares in Mayne Pharma listed on ASX, from the previous 9.93%. The Company has no intention to divest its current participation in Mayne Pharma.
Mithra acquired the shares in Mayne Pharma as part of a License and Supply Agreement for an exclusive license to commercialize Estelle®, Mithra’s novel combined oral contraceptive, in the US, which was concluded in 2019. Under the terms of the agreement, Mithra had a seat on the Mayne Pharma Board of Directors and was involved in the steering committee for the US launch of Estelle®, under the trademark Nextstellis®.
David Horn Solomon, Chief Executive Officer of Mithra, commented: “As these shares were received as part of payment for US marketing rights to Estelle, it is time that we monetize them to provide cash for Mithra’s operations. We have made good progress in partnership with Mayne Pharma, including achieving US marketing authorization and the commercial launch. With the recent start of a direct-to-consumer campaign of television advertising, we are optimistic that our US marketing partner will increase Nextstellis® sales. We remain a major shareholder in Mayne Pharma and look forward to continuing our strong collaboration.”
There was a lockup period on the shares until market authorization for Estelle® was achieved in May 2021. A Mayne Pharma share buyback program, announced in May 2023, had raised the possibility of Mithra’s shareholding breaching a 9.9% threshold which it had agreed not to go above in the 2019 Master Share Purchase Agreement. Mithra does not currently intend to sell its remaining stake in Mayne Pharma.