Winners and Losers: Major legal payout for SA pharma company

A top SA pharmaceutical company has been awarded millions of dollars in legal costs after a protracted battle with a failed suitor.

May 25, 2026, updated May 25, 2026
Photo: Mayne Pharma
Photo: Mayne Pharma

South Australian pharmaceutical company Mayne Pharma was awarded $13.3 million of legal costs from US competitor Cosette, which last year failed to acquire Salisbury South headquartered company.

Mayne commenced legal proceedings against Cosette in June, 2025, in relation to Cosette’s failed $672 million takeover attempt that was blocked by the Australian Treasurer.

Cosette had been trying to exit the deal for more than a year before the Treasurer’s intervention. Jim Chalmers said his decision to kill off the deal was because the takeover would have been contrary to Australia’s national interest.

In October, the Supreme Court of New South Wales delivered judgment in favour of Mayne Pharma, dismissing all of Cosette’s claims and made an adverse costs order against Cosette.

Last week, the court decided Cosette would pay Mayne Pharma’s legal costs amounting to $13.3 million.

But it was 1414 Degrees which landed at the top of the Winners pile.

The company’s rise on the market led to a speeding ticket from the ASX. All the company could point to was its last announcement on May 13 in relation to creating a new drone division.

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And Koonenberry also rose after announcing its managing director would step down after a four-year stint in the job.

The full list of Winners and Losers for the week ending May 22:

Data via Baker Young Limited analysts.

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