Adelaide Australia - Mayne Pharma Group Limited (ASX: MYX) is pleased to announce the completion of the sale of Metrics Contract Services (Metrics) to Catalent Pharma Solutions, Inc. for US$475 million (approximately A$722 million at current exchange rates).

Following completion, Mayne Pharma will repay the syndicated debt facility and return a significant portion of excess funds to shareholders. Further details regarding the nature and timing of capital management initiatives (some of which will require shareholder approval at the 2022 Annual General Meeting on Wednesday 30th November) will be provided in the coming weeks.

Mayne Pharma's Chair Mr Frank Condella said, 'The divestment of Metrics Contract Services is a key part of the Board's transformation agenda to reposition Mayne Pharma for growth and unlocks significant value for Mayne Pharma's shareholders. Today marks a new era for Mayne Pharma with a refreshed balance sheet and new leadership including a new CEO and CFO.'

Contact:

Lisa Pendlebury

Tel: +61 419 548 434

Email: lisa.pendlebury@maynepharma.com

About Mayne Pharma

Mayne Pharma is an ASX - listed specialty pharmaceutical company focused on commercialis ing novel and generic pharmaceuticals, offering patients better, safe and more accessible medicines. Mayne Pharma also provides contract development and manufacturing services to clients worldwide.

Mayne Pharma has a 4 0 - year track record of innovation and success in developing new oral drug delivery systems. T hese technologies have been successfully commercialised in numerous products that continue to be marketed around the world.

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