Tuesday, October 9, 2012

Australia based Mayne Pharma agrees to acquire US based Metrics for $120m

Metrics is a provider of contract development services and developer and marketer of niche generic products.  With Mertics acquisition, Mayne gets access to greater than 100 customer relationships, a manufacturing facility. and a pipeline of 14 products The acquisition values Metrics at
 6 times EBITDA. The completion of acquisiton is subject to finalization of funding arrangements ($65m equity and $48.5m US debt).  Mertics employs close to 300 people. Metrics grossed $51.6m in revenues in 2012.

Metrics has 9 current products with a further 11 in developed; 2 of which are pending
approval with the FDA and 9 others likely to be filed in FY13.   The combined business will have 14 marketed products and 17 new products in various stages of development. 
The product portfolio and pipeline is targeting a total end market size of
approximately US$6.0bn.

The existing product protfolio includes of Metric includes Oxycodone HCL / APAP tablet, Oxycodone HCL tablet, Bromfenac Sodium (opthalmology), Liothyronine Sodium tablet (Hypothroidism), Nystatin topical power (fungal infection), Methamphetamine (HCL tablets), Oxycodon HCL capsule, Oxycodone HCL / Aspirin.

Mayne which generates about $49.8m in annual revenues has products like Doryx (delayed release oral formulations Doxycycline Hyclate - $21m).  MYX also has a new formulation of Doryx that is supported by a Phase 3 clinical trial, is pending with the FDA.

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