Mithra (Euronext Brussels: MITRA), a company dedicated to women’s health, today announces the sale of all 4,221,815 shares it held in Mayne Pharma Group Limited (ASX: MYX). The shares were sold at a price of A$ 5.03 per share for aggregate net proceeds of A$ 12,129,551 (approx. EUR 12.8 million).
Further to Mithra’s 06 February 2024 announcement on its cash position, Mithra has sold its position in Mayne Pharma, with the consent of its lenders. Proceeds from the sale of shares will be applied to the prepayment of loans (together with any accrued interests and any option prepayment amount), and/or operational purposes. As the Mayne Pharma shares were pledged for the benefit of Mithra's secured lenders, the cash from the sale of the Mayne shares will be held in escrow by the appointed security agents of Mithra’s lenders, until the use of proceeds has been determined by Mithra in agreement with the lenders.
Mithra acquired the shares in Mayne Pharma as part of a License and Supply Agreement for an exclusive license to commercialize ESTELLE®, Mithra’s novel combined oral contraceptive, in the US, which was concluded in 2019.