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Metrics Inc., a contract pharmaceutical development and manufacturing company, is being sold. (Rhett Butler/The Daily Reflector)
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Metrics Inc., a contract pharmaceutical development and manufacturing company, is being sold. (Rhett Butler/The Daily Reflector)

Australian firm buys Metrics

Closing of the acquisition remains subject to completion of financing arrangements by Mayne Pharma and approval of Metrics’ shareholders.


By Michael Abramowitz

The Daily Reflector

5 Comments | Leave a Comment


Mayne Pharma Group Limited, a publicly held company based in Melbourne, Australia announced Thursday that it has agreed to a merger acquisition of Greenville-based Metrics Inc.

The local privately owned provider of contract development services to the pharmaceutical industry will be paid $105 million up front plus further earn-out payments of up to $15 million next year.


Metrics’ 56-year-old co-founder and chief executive Phil Hodges announced the merger to his 300 employees. He told them that their positions will remain secure after the merger and the company will continue the same day-to-day operations under the same brand. Metrics will continue to be led by its current senior management team and operate out of its existing Greenville facilities.

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Comments

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Mayne Pharma

This company is a division of Hospira Inc. which is a division of Halcygen Incorporated. In 2008 Hospira expanded its Board of Governors to include Barbara L. Bowles. "Hospira Expands Board of Directors LAKE FOREST, Ill., May 13, 2008 -- Hospira, Inc. (NYSE: HSP), a global specialty pharmaceutical and medication delivery company, announced today that Barbara L. Bowles, CFA, has been elected to the company's board of directors. Bowles brings strong investment management and finance expertise from leadership positions held at major multinational consumer goods companies and equity investment advisory firms. The addition of Bowles expands Hospira's board to nine directors, of whom eight are independent. "Barbara will be an extraordinary addition to the Hospira board," said Christopher B. Begley, chairman and chief executive officer. "Her broad and deep financial knowledge and corporate policy experience will enhance our current board membership and will be extremely helpful in furthering Hospira's longer-term growth goals." Bowles, 60, recently retired as vice chair of Profit Investment Management, an investment management firm. Previously, she served as chairman, chief executive officer and chief investment officer of The Kenwood Group, Inc. -- an equity investment advisory corporation that she founded in 1989 -- which was acquired by Profit in January 2006. From 1984 to 1989 she served as corporate vice president of Kraft, Inc., and headed its investor relations department. Earlier in her career, Bowles held equity analyst and trust investment management positions at First National Bank of Chicago (now Chase Bank). Bowles serves as a director of Black & Decker Corporation, Wisconsin Energy Corporation, Children's Memorial Hospital (Chicago), the Chicago Urban League and Hyde Park Bank. She also is a trustee of Fisk University and the Museum of Science and Industry (Chicago), and serves on the University of Chicago Graduate School of Business Advisory Council. In 2003, she was honored with the "Distinguished Alumni Award" from the African American MBA Association of the University of Chicago. Bowles is currently pursuing her long-time goal of establishing and funding the Hospira Expands Board of Directors LAKE FOREST, Ill., May 13, 2008 -- Hospira, Inc. (NYSE: HSP), a global specialty pharmaceutical and medication delivery company, announced today that Barbara L. Bowles, CFA, has been elected to the company's board of directors. Bowles brings strong investment management and finance expertise from leadership positions held at major multinational consumer goods companies and equity investment advisory firms. The addition of Bowles expands Hospira's board to nine directors, of whom eight are independent. "Barbara will be an extraordinary addition to the Hospira board," said Christopher B. Begley, chairman and chief executive officer. "Her broad and deep financial knowledge and corporate policy experience will enhance our current board membership and will be extremely helpful in furthering Hospira's longer-term growth goals." Bowles, 60, recently retired as vice chair of Profit Investment Management, an investment management firm. Previously, she served as chairman, chief executive officer and chief investment officer of The Kenwood Group, Inc. -- an equity investment advisory corporation that she founded in 1989 -- which was acquired by Profit in January 2006. From 1984 to 1989 she served as corporate vice president of Kraft, Inc., and headed its investor relations department. Earlier in her career, Bowles held equity analyst and trust investment management positions at First National Bank of Chicago (now Chase Bank). Bowles serves as a director of Black & Decker Corporation, Wisconsin Energy Corporation, Children's Memorial Hospital (Chicago), the Chicago Urban League and Hyde Park Bank. She also is a trustee of Fisk University and the Museum of Science and Industry (Chicago), and serves on the University of Chicago Graduate School of Business Advisory Council. In 2003, she was honored with the "Distinguished Alumni Award" from the African American MBA Association of the University of Chicago. Bowles is currently pursuing her long-time goal of establishing and funding the Landers-Bowles Family Foundation, which will be primarily focused on charity related to education. A native of Nashville, Tenn., Bowles holds a master's of business administration degree in finance from the University of Chicago Graduate School of Business, and a bachelor's degree in mathematics, with honors, from Fisk University. She has been a Chartered Financial Analyst (CFA) since 1977. Here is the bio of Ms. Barbara L. Bowles. Born: c. 1946 Birthplace: Nashville, TN Gender: Female Race or Ethnicity: Black Occupation: Business Party Affiliation: Democratic Nationality: United States Executive summary: The Kenwood Group Husband: Earl (one son) Son: Terrence University: BA Mathematics, Fisk University (1968) University: MBA Finance, University of Chicago (1971) Administrator: Trustee, Fisk University Profit Investment Management Vice Chairman (2006-), The Kenwood Group CEO (1989-2005), The Kenwood Group President (1989-2000), Kraft Foods VP (1984-89), Beatrice Companies Director of Investor Relations (1981-84), First National Bank of Chicago VP Trust Investments, Member of the Board of Black and Decker (1993-), Member of the Board of Dollar General (2000-), Member of the Board of Fort James Corporation, Member of the Board of Georgia Pacific, Member of the Board of The Kenwood Group (as Chairman, 2000-), Member of the Board of Wisconsin Energy (1998-), Bill Bradley for President, Children's Memorial Hospital (Chicago) Trustee, Democratic Senatorial Campaign Committee Gore 2000, Hillary Rodham Clinton for US Senate Committee, Investment Analysts Society of Chicago, John Kerry for President, NAACP, National Association of Securities Professionals, Obama for America, Obama for Congress 2000, Obama for Illinois, Obama Victory Fund 2012, Urban League Chicago Board, Researched within the Library of Congress. Just for public information.

Alone: your point is?

Yes, the DR article would have been stronger if they had made the point that Mayne Pharma is itself a subsidiary of Hospira. But, why all the info on Barbara Bowles? She is described as the 9th member of the Board of Directors for Hospira. So what's your point? Question is "How independent of Hospira is Mayne?" I don't know, do know that 300 local jobs ride on that question.

Point

To point out to young people, especially young black people, that success does not depend upon skin color. Some years ago, I had the honor of meeting Ms. Bowles at an education seminar. She was one of the guest speakers. Her Bowles-Landry Foundation has greatly contributed to the education of inner city schools, mainly in Chicago. It was an honor to have met her and speak with her. Why would you ask?

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Bless your heart
Bless your heart