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Mayne Pharma provides an update on the sale of its US retail generics portfolio to Dr. Reddy's Laboratories for up to US$90 million in cash, up to US$15 million in milestone payments, and working capital.
The 30-day waiting period under the HSR Act expired without objection from the FTC or DOJ, and the companies are working towards closing the transaction and ensuring a smooth transition.
Following the sale, Mayne Pharma will focus on its US women's healthcare and dermatology franchises, accelerate international business profitability, and drive shareholder value.