Mayne Pharma Ltd shares rebounded 12% to A$6.41 after Deloitte deemed the US$7.40-per-share takeover offer from Cosette Pharmaceuticals “fair and reasonable” in the absence of a higher bid.
Deloitte valued Mayne shares between A$6.61 and A$7.99.
The recovery followed a 15% drop on Wednesday after the US Food and Drug Administration flagged concerns over promotional material for Mayne’s birth control product, Nextstellis.
Mayne said it is addressing the matter and has withdrawn the cited presentation.