Metrics Inc., a manufacturer of generic drug based in Greenville, N.C., is being acquired by Australia-based Mayne Pharma Group.

The deal, announced Thursday, is worth as much as $120 million.

From June 2011 through June 30 of 2012, Metrics generated $51.6 million in sales.

Metrics, which is privately held and has some 300 employees, also provides development services to the life science industry.

Mayne, which is publicly traded and is based in Melbourne, said it would pay $105 million up front for Metrics. Antoerh $15 million could be earned by Metrics if it hits earnout targets through June 30 of next year.

The deal will not affect Metrics management, and the company will continue to operate in Greenville, the companies said.

Dr. John Bray, a professor at East Carolina University, and Phil Hodges, a former scientist at Burroughs Wellcome (now GSK), founded Metrics as an analytical lab in 1994.

“Over the past 18 years, Metrics has built a high quality operation with two different yet complimentary faces: a contract services business
and a niche generic product development business,” said Hodges, who is CEO of Metrics. “Mayne Pharma offers a unique strategic fit for Metrics that will allow our combined companies to become a global specialty pharma and development services group.”