TGA letter and details in discovery order: Mayne/Cosette, page-2

Thanks for sharing Jjkan12.

For what it's worth, here's ChatGPT summary of the judges ruling so far.

Mayne Pharma (MPG) and Cosette Pharmaceuticals signed a deal in February 2025 (called a Scheme Implementation Deed) where Cosette was going to buy Mayne.

But:

• Cosette tried to pull out of the deal, claiming Mayne’s business took a turn for the worse.

• Mayne says that’s not true and Cosette has no right to back out.

• Cosette claims Mayne gave them bad or misleading financial info, and wants Mayne to pay a break fee.

Now, both sides are preparing for a big trial in September 2025, and this case was about evidence sharing (discovery) before the main trial begins.

What Did the Judge Decide?

1.

Extra documents (discovery)

• Cosette wanted lots more documents from Mayne — the judge said that was too much, but did allow some extra evidence to be shared (limited to a few topics and a few people).

2.

Subpoenas to Jefferies and Deloitte

• Cosette tried to get documents from Jefferies (Mayne’s financial adviser) and Deloitte (who wrote a report on the deal).

• The judge said no: these subpoenas were too broad and were abusive “fishing expeditions”.

3.

Notices to produce documents

• Cosette also demanded certain documents via formal notices.

• Mayne agreed to some.

• The judge threw out others, saying they weren’t tied to the issues Cosette had actually raised in court.

Commercial Implications

For

Mayne Pharma

• Good short-term result: They avoided burdensome document production and protected commercially sensitive data, including forecasts, marketing strategies, and FDA interactions.

• If Mayne wins at trial, it rescues the deal, potentially keeping Cosette locked in, or gets leverage for a better exit outcome.

• But they must still defend serious claims of misleading conduct and poor forecasting.

For

Cosette Pharmaceutical

• Setback: They were told they went too far, tried to get too many documents, and lacked clear factual basis for their demands.

• Their case appears less focused — they’ll need to prove specific failings by Mayne, not just suspicions.

• They’re still in the game, but may have lost some momentum.

Who’s Likely to Win?

While the main trial hasn’t happened yet (scheduled for September 2025), this ruling gives us clues

Signs in Mayne’s Favour:

• The judge rejected many of Cosette’s discovery tactics, calling them overreaching, speculative, or fishing expeditions.

• That suggests the judge doesn’t see strong substance behind some of Cosette’s claims yet.

• Mayne’s conduct in discovery was described as adequate and appropriate.

Risks for Mayne:

• The judge still allowed some targeted discovery, meaning Cosette has raised just enough questions to justify further probing.

• If Cosette finds a smoking gun in that material (e.g., evidence of deliberate concealment or dodgy forecasting), it could still go badly for Mayne.

Bottom Line

• As of now, Mayne Pharma has the upper hand in pre-trial proceedings.

• Cosette’s aggressive tactics were mostly curtailed, and their case is under pressure to tighten up and prove specifics.

• Unless Cosette finds stronger evidence during the narrowed discovery, the judge may lean toward Mayne in the final trial.