The $672M Power Play: How Cosette’s Acquisition of Mayne Pharma Signals a New Era in Women’s Health Investing
Women’s health is evolving and no longer a "niche play". Here’s what this multi-million dollar deal reveals about the future of M&A, private capital, and high-growth opportunities in the space.
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There’s always a moment in business when the quiet revolution becomes impossible to ignore.
In finance, it’s when an overlooked asset class suddenly commands billion-dollar valuations. In tech, it’s when the thing everyone dismissed as niche turns into the next dominant platform. And in healthcare?
It’s happening right now in women’s health.
For years, investors treated women’s health like a side bet. But then Cosette Pharmaceuticals put $672 million on the table for Mayne Pharma.
This isn’t just another pharma deal. It’s a shift—a signal that women’s health is making baby steps towards becoming the main event.
💡What Just Happened?
U.S.-based Cosette Pharmaceuticals is acquiring Australian Mayne Pharma for $672 million, paying a 37% premium over Mayne’s last closing price.
The headline reason?
Mayne’s portfolio of women’s health and dermatology products—12 of which are patent-protected.
That last part is key. Cosette isn’t just buying market share. It’s buying a defensible revenue stream in two high-growth, high-margin markets.
But this article isn’t just about what Cosette is acquiring. It’s about why they’re doing it now.
How Mayne Pharma Engineered a Turnaround Through Women’s Health
Just one year ago, Mayne Pharma was struggling.
In FY23, its women’s health division was losing money, reporting a $27 million loss.
Dermatology was also in the red, bringing the company’s total losses across key segments to $42 million.
But by FY24, everything changed.
Mayne’s women’s health business alone contributed $35 million in profit.
Dermatology swung from a $21 million loss to a $44.3 million gain.
The combined turnaround resulted in a $130 million financial improvement for the company.
What Drove the Turnaround?
✔ A Strategic Shift Toward High-Demand Women’s Health Sectors
Mayne prioritised hormone therapy, menopause treatments, and reproductive health products.
Their flagship contraceptive brands (Nextstellis, Annovera) saw increased uptake, driven by physician adoption and patient awareness.
✔ Pricing Optimization & Market Expansion
Mayne restructured its go-to-market strategy in the U.S., improving insurance reimbursement rates and direct distribution.
A focus on menopause therapies (Bijuva, Imvexxy) aligned with the growing consumer demand for better hormonal health solutions.
✔ A High-Performance Sales Force in Women’s Health
Mayne expanded its field sales team, improving outreach to healthcare providers and clinics.
They optimised B2B partnerships with insurers and retail pharmacy chains, ensuring better patient access and affordability.
TL;DR
In short, Mayne figured out the formula: invest in underserved women’s health categories, build strong provider relationships, and optimise pricing strategy. This financial transformation is why Cosette was willing to pay a 37% premium.
Mayne wasn’t just a pharma player looking for an exit. It was a turnaround story that proved women’s health could be an engine for sustained growth.
The Billion-Dollar Market Hiding in Plain Sight
For decades, women’s health was seen as "niche." Think about how absurd that is. A market that serves 50% of the population considered an afterthought.
That’s like calling the oxygen industry a specialty sector. But now? The numbers are undeniable.
Big Pharma Is Waking Up
In 2021, Merck spun off Organon, a company focused entirely on women’s health.
In 2023, Perrigo sold its women’s health division for $1.5 billion.
Now, in 2025, Cosette is making its move—and they’re paying a premium to get in.
Private Equity and Venture Capital Are Doubling Down
Menopause startups are raising tens of millions.
Fertility tech companies like Kindbody and Maven Clinic are hitting unicorn status.
Women’s metabolic health—thanks to GLP-1 drugs like Ozempic—is attracting fresh capital.
The reality is clear: Women’s health is an impact investment and has the potential to be a financial opportunity. And the smartest investors are piling in.
Why This Deal Matters Right Now
There are two clear reasons Cosette pulled the trigger on this acquisition:
1. The Buy-Not-Build Strategy
Pharma giants have a problem: Innovation in women’s health has been too slow. So instead of spending a decade developing new products, Cosette is buying its way in.
Mayne already has FDA-approved products.
Mayne’s patent protections extend through the 2030s.
Mayne has an established U.S. sales force.
Why wait to build something from scratch when you can acquire growth immediately? This isn’t a speculative biotech bet. It’s a specialty pharma deal where revenue is already flowing.
2. Patent Protection = Pricing Power
The biggest risk in generics? Erosion. The moment a patent expires, competitors flood the market and drive prices down.
But Cosette isn’t buying short-term cash flow. They’re buying 12 patent-protected products that give them control over pricing and market exclusivity.
Translation? This deal pays off whether or not Affordable Care Act reimbursement rules change.
The Bigger Picture: What This Deal Means
This isn’t just an acquisition. It’s a blueprint for what’s coming next.
For Investors in Women’s Health Startups:
✔ Expect more M&A. Cosette isn’t the only company looking for strategic acquisitions. If you’re holding equity in a women’s health startup, the market for exits should heat up.
✔ High-IP companies will command a premium. This deal shows that Big Pharma values patent-protected assets over early-stage innovation. Investors should focus on startups with strong IP and clear commercialisation paths.
For Founders in Women’s Health:
✔ Mayne’s exit wasn’t about breakthrough science. It was about smart market positioning. They built a product portfolio with regulatory longevity and a scalable sales model.
✔ Insurance coverage isn’t the only growth driver. Even if ACA rules change, products with strong provider adoption and brand loyalty will retain pricing power.
For Late-Stage Investors:
✔ Cosette is proving that women’s health is now a strategic investment category. I expect more PE firms and SPACs to enter the space.
✔ Follow the next wave of acquisitions. Companies in fertility, menopause, and metabolic health are top of mind…in my view.
💡Final Thought: For years, women’s health was the vault that everyone walked past. Now, the smartest investors are finally cracking it open. The question isn’t whether women’s health is a billion-dollar opportunity. The question is: who’s getting in before everyone else realises it?
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Disclaimer
The content in this newsletter is for informational purposes only and does not constitute financial, investment, legal, or medical advice. Opinions expressed are those of the author and may not reflect the views of affiliated organisations. Readers should seek professional advice tailored to their individual circumstances before making decisions. Investing involves risk, including potential loss of principal. Past performance does not guarantee future results.
Should not*
I am a big fan of women’s health and even a startup founder myself.. I think it’s quite derogatory to invest in women’s health just because it yields profit.. The health of women is the health of the nation and the economy, women are at the forefront of life and their health should be treated as a billion dollar industry that would yield profits in the future FEMTECH should do better