ADELAIDE: Mayne Pharma Group Ltd. said Friday it has agreed to sell its international segment to Evaris Pharma for $55.5 million in cash, completing its transformation into a specialty pharmaceutical company focused entirely on the United States.

The ASX-listed company said the binding share sale agreement covers Mayne Pharma International Pty Ltd, which comprises its contract development and manufacturing operations and its Australian and international commercial business, centered on its Salisbury, South Australia, facility. The consideration is subject to customary working capital adjustments.

The headline price represents 0.79 times MPI’s fiscal 2026 revenue of $70.7 million and 12.1 times its fiscal 2026 direct contribution of $4.6 million.

“This transaction crystallises the value of that investment at an attractive price and will place MPI with an owner in Evaris Pharma who is committed to the business, its people and its customers,” Chief Executive Aaron Gray said.

Mayne Pharma will retain its U.S. women’s health and dermatology businesses, including the DistributeRx direct-to-patient platform. The parties also agreed to a supply agreement under which the Salisbury site will continue to manufacture and supply DORYX MPC and TOLSURA for U.S. patients, along with transitional services and brand license agreements.

The transaction follows the board’s structured portfolio review, including a sale process for MPI, launched after the termination of a scheme implementation deed in December 2025.

Evaris Pharma, an Australian manufacturer and supplier of hospital and specialty products owned by General Pharma Holdings Pty Ltd, said the acquisition is a strong strategic fit.

“MPI brings a high-quality, recently upgraded manufacturing and development facility at Salisbury, a 40-year heritage in oral drug delivery, an established CDMO customer base and a growing Australian commercial portfolio,” Evaris CEO Steffan Crausaz said.

The deal is not subject to Foreign Investment Review Board approval or shareholder approval, but requires a determination from the Australian Competition and Consumer Commission under the mandatory merger notification regime. Completion is expected in the third quarter of fiscal 2027, subject to customary conditions. The agreement contains no financing condition.

Mayne Pharma said proceeds will strengthen its balance sheet as it executes its U.S. growth strategy.