In today’s briefing:
- Mayne Pharma (MYX AU): Entering Uncharted Territory as the Scheme Vote Passes
- Mayne Pharma (MYX AU): The Vote Gets Up. Now What?
- Kilcoy Global Foods (KGF): China Based Protein Provider Readying for July IPO
- Telix Pharmaceuticals (TLX AU): New Product Launch In US; More to Follow; Illuccix on Strong Footing
Mayne Pharma (MYX AU): Entering Uncharted Territory as the Scheme Vote Passes
- To no one’s surprise, the Mayne Pharma (MYX AU) scheme vote comfortably passed. The scheme remains conditional on FIRB approval and no material adverse change (which Cosette alleges).
- The Mayne/Cosette court case wades into uncharted territory as it brings many firsts, such as the first MAC-related dispute to be heard in Australian courts with a qualified MAC threshold.
- While Western case law burdens the buyer with establishing a MAC breach, it is unclear whether Mayne will get a favourable ruling, as Cosette could have a case. Tread carefully.
Mayne Pharma (MYX AU): The Vote Gets Up. Now What?
- I have no clue. Given this is unchartered territory, in Australia, I don’t believe anyone has a perfect handle on the situation
- What do we know? The Second Court meeting has been pushed out to the 18th September from 20th June initially, to “enable the dispute with Cosette“.
- This date may be further delayed as a court hearing will commence on the 9th September to hear the validity of Cosette’s termination notice.
Kilcoy Global Foods (KGF): China Based Protein Provider Readying for July IPO
- They provide tasty, fresh, natural, healthy and convenient food products to customers across over 40 countries worldwide.
- For the year ended December 31, 2024, they recorded a total revenue of US$2,195.0 million, increasing by 17.3% from US$1,870.7 million for the year ended December 31, 2023.
- The area in which this company operates in is one that is not traditionally attractive to IPO investors as the margins are low and the competition is high.
Telix Pharmaceuticals (TLX AU): New Product Launch In US; More to Follow; Illuccix on Strong Footing
- Telix Pharmaceuticals (TLX AU) has launched next-generation prostate cancer imaging agent, Gozellix in the U.S. With two FDA-approved commercial products, current U.S. addressable market opportunity is $2.5B+.
- The FDA is expected to communicate its decision regarding the approval of Zircaix, kidney cancer imaging candidate, on August 27. Telix estimates initial U.S. market opportunity for Zircaix is $500M+.
- Illuccix continued its momentum through gaining market share and maintaining price stability in a competitive landscape. In 1Q25, Illuccix revenue increased 35% YoY and 9% QoQ to $151M.
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