Join our daily newsletter At The Bell to receive exclusive market insights
- Mayne Pharma (MYX) announces an on-market share buyback program for up to 10 per cent of the company’s issued capital
- MYX recently sold its retail generics portfolio as part of its transformation strategy to refocus the brand on the US women’s healthcare and dermatology markets
- Mayne Pharma CEO Shawn Patrick O’Brien says the past seven months have been a period of significant change for the company
- MYX’s dermatology portfolio is a top 10 US product by revenue
- MYX shares are down 6.81 per cent and trading at $3.83 at 3:03 pm AEST
Mayne Pharma (MYX) has announced an on-market share buyback program for up to 10 per cent of the company’s issued capital.
MYX can buy back up to 10 per cent, funded by its cash reserves, within 12 months and without shareholder approval.
The buyback program comes following the recent sale of MYX’s retail generics portfolio – as part of the company’s transformation strategy refocusing its direction on the US women’s healthcare and dermatology markets.
MYX reported its women’s healthcare and dermatology products continue to provide positive contribution margins, with reductions in overhead costs by 10-15 per cent, amounting to 9 per cent of 2022 costs.
The company’s dermatology portfolio has maintained its market presence as a top 10 US product by revenue with its three products gABSORICA capsules, gEPIDUO-FORTE gel, and gACZONE gel.
MYX plans to launch two new products for the dermatology market called DORYX MPC and Galderma’s authorised gORACEA.
Meanwhile, MYX reports also aims to launch a new commercial strategy for its birth control pill, NEXTSTELLIS, in the US and Australia, and plans to launch BIJUVA, next year.
The company has also reduced its debt burden through debt facility repayments to Metrics Contract Services, TherapeuticsMD, and Dr Reddy’s.
MYX CEO Shawn Patrick O’Brien said the past seven months have been a period of significant change for the company.
“…Beginning with the October sale of our Greenville-based Metrics Contract Services, followed by the acquisition of the US commercial rights for TherapeuticsMD’s women’s health assets,” he said.
“With the recent sale of our retail generics business to Dr. Reddy’s, we are successfully executing our strategy to become a more focused company, with growth potential while repaying debt, paying shareholders a special dividend, and strengthening our cash position in the procedure.”
MYX shares were down 6.81 per cent and trading at $3.83 at 3:03 pm AEST.
