Mayne Pharma Announces Major Acquisition
Mayne Pharma Group Limited recently announce it has entered into a binding agreement to acquire Metrics, Inc. Consideration for the acquisition will comprise an up-front payment of $105 million plus further earn-out payments of up to $15 million based on Metrics’ performance for the 12 months ended June 30, 2013.
Closing of the acquisition remains subject to material conditions, including completion of financing arrangements by Mayne Pharma and there being no material adverse event in relation to Metrics. Closing is also subject to the approval of Metrics’ shareholders; however, holders of a majority of Metrics’ capital stock have already agreed to vote in favor of the transaction.
Metrics will continue to be led by its current senior management team, and will continue to operate out of its existing Greenville facilities. The only change to Metrics’ business will be new access to enhanced resources, operational best practices, and intellectual capital that will provide significant upside and opportunity for increased levels of success for Metrics, Mayne Pharma, and the customers the two companies serve.
Founded as a contract analytical laboratory in 1994 by Burroughs Wellcome scientist Phil Hodges and ECU professor Dr. John Bray, Metrics is a privately owned, specialty pharmaceutical company based in Greenville, NC. Metrics, which has approximately 300 employees, provides contract development services to the pharmaceutical industry, and develops and manufactures niche generic drugs. Metrics has particular expertise in formulating complex oral drug products, including highly potent and unstable compounds, controlled substances (such as opiates), and products with poor bioequivalence. These products are sold in the US via exclusive distribution partners or directly through Metrics’ in-house wholesale distributor, Midlothian Laboratories.
In addition to its existing products, Metrics has a pipeline of 11 niche generic drugs in various stages of development, including two that have been filed with the US FDA and a further nine products to be filed by the end of FY13. For more information, visit www.metricsinc.com.
Founded in 1845 as FH Faulding & Co, Mayne Pharma is an Australian specialist pharmaceutical company with an intellectual property portfolio built around the optimization and delivery of oral dosage form drugs. Mayne Pharma has a long and successful history of developing and commercializing improved pharmaceuticals and has launched and marketed numerous products through partnerships with licensees in various countries around the world. Mayne Pharma focuses on delivering to patients improved versions of existing drugs in order to advance safety, efficacy, or ease of administration.
A technology driven company, Mayne Pharma has a significant product portfolio and pipeline, global reach through distribution partners in Australia, the US, Europe, and Asia, and a manufacturing facility in Salisbury, South Australia that employs more than 150 people. For more information, visit www.maynepharma.com.
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