Greenville Pharmaceutical Company Being Bought By Australian Firm

A Greenville pharmaceutical company is being bought by a Australia-based company.

Metrics, which was founded in 1994 and employs some 300 people, will be acquired by Mayne Pharma of Melbourne for an initial payment of $105 million.

A news release says Metrics will continue to be led by its current senior management team and operate out of its existing Greenville facilities.

The Daily Reflector reports that chief executive Phil Hodges stated that he will step aside when his current contract expires. He told employees that their positions with Metrics will remain secure.

Metrics is a privately owned specialty pharmaceutical company, providing contract development services along with developing and manufacturing niche generic drugs. Sales last year were $51.6 million.

Mayne Pharma is a publicly held company that was founded in 1845 as FH Faulding & Co.

Metrics shareholders still need to approve the sale, but already those who hold a majority of the company's capital stock have voted in favor of the deal.

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