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March 13, 2014
05:47 EDTCRLCharles River Labs to acquire CRO services division of Galapagos NV for $179M
Charles River Laboratories announced that it has entered into a definitive agreement to acquire the CRO services division of Galapagos NV, which includes both Argenta and BioFocus. These businesses are global leaders in integrated drug discovery services, with a predominant focus on in vitro capabilities. The acquisition will position Charles River as a full service, early-stage contract research organization, or CRO, with integrated in vitro and in vivo capabilities from target discovery through preclinical development. The purchase price is approximately $179M based on current exchange rates. In addition to the initial purchase price, the transaction includes future performance payments of up to approximately $7M. The transaction is expected to be accretive to non-GAAP EPS by approximately 10c in FY14. James C. Foster, chairman, president, and CEO said, “The acquisition will enhance our sales growth rate and be accretive to non-GAAP EPS in 2014, and we expect increased contribution in 2015 and beyond." The transaction is expected to close early in Q2. Based on the anticipated timing of the close, the acquisition is expected to add approximately 6% to Charles River’s net sales in 2014.
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