Today, I have accepted the very clear and unambiguous recommendation from the Foreign Investment Review Board to block Cosette Australia Holdings Pty Ltd and Cosette Australia Bidco Pty Ltd from acquiring a 100 per cent interest in Mayne Pharma Group Limited on national interest grounds.
My decision is entirely consistent with the FIRB advice that the proposal would be contrary to Australia's national interest.
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.
The decision was not taken lightly and comes after months of careful and methodical deliberations.
This robust process gave consideration to all available options, including whether any conditions could be applied to adequately mitigate national interest risks.
As part of this, I took seriously the final ruling from the Takeovers Panel on 19 November 2025. It is important to note that the Panel is independent and not governed by a national interest test.
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.
This advice incorporated views from the Department of Health and Aged Care, the Therapeutic Goods Administration and the South Australian Government.
Australia welcomes foreign investment and operates a non‑discriminatory foreign investment framework to ensure foreign investment is in our national interest.
