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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