Mayne Pharma Group Ltd (ASX: MYX) shares slumped as much as 23% to a three-week low of $4.45 after Federal Treasurer Jim Chalmers blocked a takeover bid from Cosette, following advice from the Foreign Investment Review Board (FIRB).
“My decision is entirely consistent with the FIRB advice that the proposal would be contrary to Australia’s national interest,” Chalmers says.
“This is about doing what is necessary to protect Australia’s national interest, the security of our critical medical supply chains, local jobs and the local community.
“Following broad consultation, I received unequivocal advice from Treasury and FIRB that no conditions could be put in place to adequately mitigate national interest risks, particularly unique risks to the supply of critical medicines.”
Mayne Pharma shares have entered a trading pause pending a further announcement.