Mayne Pharma Group (ASX:MYX) said the consultation period initiated by Cosette Pharmaceuticals under their scheme implementation deed has expired without Cosette issuing a termination notice, according to a Wednesday filing with the Australian bourse.

In February, the company said it entered a scheme implementation deed (SID) to be acquired by Cosette via a scheme of arrangement for AU$7.40 per share.

On May 17, Cosette issued a notice triggering a 10-day good-faith consultation period under the SID, citing a material adverse change.

Mayne Pharma rejected the claim, stating no such change occurred and all relevant disclosures had been made. While Cosette has not terminated the deal, it signaled it may do so if the issue remains unresolved.

The company said the expiry of the period does not prevent Cosette from terminating the deal.

Mayne also confirmed receipt of a close-out letter from the US Food and Drug Administration, stating that the company has addressed previous regulatory concerns.

Shares of the company rose past 4% in recent Wednesday trade.