Why is Mayne Pharma Group (ASX:MYX) in limelight today?

January 18, 2023 01:37 PM AEDT | By Aditi Sarkar

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Why is Mayne Pharma Group (ASX:MYX) in limelight today? — Image source: © Coffeekai | Megapixl.com

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Highlights

The stock price of Mayne Pharma Group (ASX:MYX) touched its 52-week high of AU$3.80 during mid-day trading hours today.

Mayne Pharma has announced the final buyback notification for its ordinary, fully paid shares.

Recently, the company revealed the launch of HALOETTE®, a vaginal hormonal contraceptive ring, into the US market.

Shares of Mayne Pharma Group Limited (ASX:MYX) rallied on the ASX today with an upsurge of nearly 1588%, hitting its 52-week high of AU$3.80 (mid-day on 18 January 2023). One of the catalysts of this huge rally could have been the market update of stock buyback by the company.

Mayne Pharma is a speciality pharmaceutical firm with nearly four decades of track record and accomplishment in creating new oral drug delivery systems.

Launch of female contraceptive in the US

Earlier in January 2023, the company announced the launch of HALOETTE®, a vaginal hormonal contraceptive ring, into the US market. The company launched the product in collaboration with Mithra Pharmaceuticals, SA (Euronext Brussels: MITRA). Both parties have a long-term license and supply agreement under which Mayne Pharma will pay Mithra a milestone of EUR 1.6 million.

Mithra (Euronext: MITRA), a biotech company based in Belgium, is working towards transforming women’s health through innovation, with a specific focus on contraception and menopause.

HALOETTE® is a contraceptive designed for women to prevent pregnancy. The contraceptive is based on two kinds of female hormones, estrogen and progestin. This kind of birth control method consisting of both estrogen and progestin is called combination hormonal contraceptives (CHCs).

Strengthening position in the US women health market

The company recently informed the market about the completion of an exclusive product licensing transaction with a NASDAQ listed firm, TherapeuticsMD, Inc (TXMD).

Under the deal, Mayne Pharma has gained a portfolio of on-market women’s health products from the company. It includes three novel women’s health products: IMVEXXY®, ANNOVERA, and BIJUVA®, which are patent protected. It also contains a portfolio of vitamins (prenatal) in the US and other selected assets to assist the process and commercialisation of the portfolio.

As per Mayne Pharma, licensing these products remarkably enhances the company's position in the women health market of US.

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