MYX Mayne Pharma Group Ltd

SYDNEY--Australian pharmaceutical group Mayne Pharma Ltd. is poised to raise around 18 million Australian dollars (US$19 million) to fund the acquisition of pain-relief product Kapanol from GlaxoSmithKline, a person familiar with the matter said Friday.

The raising, led by Credit Suisse and UBS, is being conducted at 29.5 cents a share, a 7.8% discount to the stock's last-traded price of 32 cents, the person said.

Mayne Pharma entered a trading halt early Friday pending an equity raising to fund an acquisition. A spokeswoman from Mayne Pharma did not return a call for comment. A GlaxoSmithKline spokesperson in Melbourne declined to comment on the matter.

Write to Gillian Tan at gillian.tan@wsj.com

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