Every deal, price, and strategic rationale.
Plotted by close date where disclosed, otherwise announcement. Click any marker to jump to the deal entry.
Three patterns show up across CHARLES RIVER LABORATORIES INTERNATIONAL's deal book — what the team buys, how it pays, and how it integrates. The patterns are the throughline; the individual deals below are the evidence.
Charles River repeatedly acquires to extend from research models into discovery, safety assessment, and manufacturing support. The 2004 Inveresk merger built out preclinical and clinical development; Argenta and BioFocus (2014) gave it Early Discovery; WIL Research (2016) and MPI Research (2018) scaled safety assessment; and management framed each as enhancing "its ability to partner with clients across the drug discovery and development continuum."
Charles River sets non-GAAP EPS accretion guidance on its larger deals — "at least $0.20 in 2016 and $0.45 to $0.50 in 2017" for WIL Research, "approximately $0.25 in 2018 and approximately $0.60 in 2019" for MPI Research, and "approximately $0.15 in 2019 and at least $0.35 in 2020" for Citoxlab. CEO James C. Foster describes MPI as meeting "the key attributes we require in an acquisition: access to growing end markets, high-quality services, scientific expertise, and complementary capabilities."
From 2020 onward Charles River concentrated on advanced modalities — HemaCare and Cellero (cellular products), Distributed Bio (antibody discovery), and the cell/gene therapy CDMO platform of Cognate BioServices (~$875M) and Vigene (viral-vector gene delivery). It then moved to secure inputs directly, taking a controlling interest in non-human-primate supplier Noveprim to "strengthen and diversify the supply chain for our DSA segment."
23 acquisitions. Click any row to see the deal value, financing structure, target revenue, executive commentary, and the original SEC filing — the evidence behind the patterns above.
Inveresk Research Group was a NASDAQ-listed (IRGI) global contract research organization providing preclinical and clinical drug development services. The combination created a broader early-stage CRO spanning research models through clinical-stage development.
Argenta and BioFocus, the CRO services division of Galapagos NV, were UK-based global leaders in integrated drug discovery services with a predominant focus on in vitro capabilities. They formed the core of Charles River's Early Discovery business.
On April 1, 2014, the Company acquired (1) 100% of the shares of the United Kingdom (U.K.) based entities Argenta and BioFocus, and (2) certain Dutch assets. These businesses have formed the core of the Company's Early Discovery business. With this acquisition, the Company has enhanced its position as a full service, early-stage CRO, with integrated in vitro and in vivo capabilities from target discovery through preclinical development.
VivoPath LLC was a discovery service company specializing in the rapid, in vivo compound evaluation of molecules in the therapeutic areas of metabolism, inflammation and oncology.
In June 2014, the Company acquired substantially all of the assets of VivoPath LLC (VivoPath), a discovery service company specializing in the rapid, in vivo compound evaluation of molecules in the therapeutic areas of metabolism, inflammation and oncology. The preliminary purchase price was $2.3 million, including $1.6 million in contingent consideration.
ChanTest was a leading provider of ion channel testing services to the pharmaceutical and biotech industry, augmenting Charles River's early discovery capabilities.
In October 2014, the Company acquired ChanTest, a leading provider of ion channel testing services to the pharmaceutical and biotech industry. The acquisition augments the Company's early discovery capabilities and enhances the Company's ability to support clients' target discovery and lead optimization efforts. The preliminary purchase price of the acquisition was $59.3 million.
Sunrise Farms was a producer of specific-pathogen-free (SPF) fertile chicken eggs and chickens used in the manufacture of live viruses, expanding Charles River's Avian Vaccine Services business.
In 2015, we acquired Sunrise Farms, Inc. (Sunrise), a producer of specific-pathogen-free fertile chicken eggs and chickens used in the manufacture of live viruses. The purpose of this business acquisition was to expand the capabilities of our existing Avian Vaccine Services (Avian) business. The purchase price of the acquisition was $9.6 million.
Celsis Group Limited was a leading provider of rapid testing systems for non-sterile bacterial contamination for the biopharmaceutical and consumer products industries.
In July 2015, we acquired Celsis Group Limited (Celsis), a leading provider of rapid testing systems for non-sterile bacterial contamination for the biopharmaceutical and consumer products industries. The purpose of this acquisition was to enhance our portfolio of rapid microbial detection products and services with the addition of a rapid bioburden testing product. The purchase price for Celsis was $214.5 million.
Oncotest GmbH was a Germany-based CRO providing discovery services for oncology, with patient-derived xenograft (PDX) and syngeneic models.
In November 2015, we acquired Oncotest GmbH (Oncotest), a CRO providing discovery services for oncology, one of the largest therapeutic areas for biopharmaceutical research and development spending. The purpose of this acquisition was to expand our oncology services capabilities. The preliminary purchase price for Oncotest was $36.0 million.
WIL Research was a premier provider of safety assessment and contract development and manufacturing (CDMO) services to biopharmaceutical and agricultural and industrial chemical companies worldwide.
In addition to enhancing our value proposition for clients, we believe that the acquisition of WIL Research will generate value for shareholders, driving profitable revenue growth and non-GAAP earnings per share accretion of at least $0.20 in 2016 and $0.45 to $0.50 in 2017.
Blue Stream Laboratories was an analytical CRO supporting the development of complex biologics and biosimilars.
Combining Blue Stream with our existing discovery, safety assessment, and biologics capabilities creates a leading provider with the ability to support biologic and biosimilar development from characterization through clinical testing and commercialization. The purchase price for Blue Stream was $11.7 million, including $3.0 million in contingent consideration.
Agilux was a CRO that provides a suite of integrated discovery small and large molecule bioanalytical services, drug metabolism and pharmacokinetic (DMPK) services, and pharmacology services.
In September, we acquired Agilux, a CRO that provides a suite of integrated discovery small and large molecule bioanalytical services, drug metabolism and pharmacokinetic services, and pharmacology services. The purchase price for Agilux was $64.9 million in cash.
KWS BioTest was a CRO specializing in in vitro and in vivo discovery testing services for immuno-oncology, inflammatory and infectious diseases.
The acquisition enhances our discovery expertise, with complementary offerings that provide our customers with additional tools in the active therapeutic research areas of oncology and immunology. The purchase price for KWS BioTest was $20.3 million in cash.
MPI Research was a premier non-clinical contract research organization providing safety assessment, discovery, and bioanalytical services, with a large site in Mattawan, Michigan.
In addition to meeting our disciplined acquisition criteria, MPI is an exceptional strategic fit for Charles River because it incorporates the key attributes we require in an acquisition: access to growing end markets, high-quality services, scientific expertise, and complementary capabilities.
We believe that the acquisition of MPI will generate value for shareholders, driving profitable revenue growth and non-GAAP earnings per share accretion of approximately $0.25 in 2018 and approximately $0.60 in 2019.
Brains On-Line was a leading CRO providing critical data that advances novel therapeutics for the treatment of central nervous system (CNS) diseases.
Brains On-Line strategically expands our existing CNS capabilities and establishes us as a single-source provider for a broad portfolio of discovery CNS services. The purchase price for Brains On-Line was $21.3 million in cash.
Citoxlab was a non-clinical CRO providing safety assessment and related services, with operations across Europe and North America, founded over 50 years prior.
The proposed acquisition of Citoxlab would expand and solidify Charles River's position as the leading global early-stage CRO by expanding its scientific portfolio and geographic footprint.
HemaCare Corporation was a business specializing in the production of human-derived cellular products for the cell therapy market.
The acquisition of HemaCare expands our comprehensive portfolio of early-stage research and manufacturing support solutions to encompass the production and customization of high-quality, human-derived cellular products to better support clients' cell therapy programs. The purchase price of HemaCare was $379.8 million in cash.
Cellero, LLC was a provider of cellular products for cell therapy developers and manufacturers worldwide, with donor sites in the United States.
The addition of Cellero enhances our unique, comprehensive solutions for the high-growth cell therapy market, strengthening our ability to help accelerate clients' critical programs from basic research and proof-of-concept to regulatory approval and commercialization. The purchase price for Cellero was $37.4 million.
Distributed Bio was a next-generation antibody discovery company with technologies specializing in enhancing the probability of success for delivering high-quality, readily formattable antibody fragments to support antibody and cell and gene therapy candidates.
In December 2020, we acquired Distributed Bio, a next-generation antibody discovery company. The acquisition expands Charles River's scientific capabilities with an innovative, large-molecule discovery platform. The transaction combines Distributed Bio's antibody libraries and immuno-engineering platform with our extensive drug discovery and non-clinical development expertise.
Cognate BioServices was a cell and gene therapy CDMO offering comprehensive manufacturing solutions for cell therapies, as well as for the production of plasmid DNA and other inputs in the CDMO value chain.
Because of the synergistic fit with Charles River, the market growth potential, and the emerging role of advanced drug modalities as treatments for oncology and rare disease, we believe Cognate will meaningfully enhance our long-term revenue and earnings growth potential.
Retrogenix Limited was an early-stage CRO providing specialized bioanalytical services utilizing its proprietary cell microarray technology.
The acquisition of Retrogenix enhances our scientific expertise with additional large molecule and cell therapy discovery capabilities. The purchase price of Retrogenix was $53.9 million, net of $8.5 million in cash.
Vigene Biosciences was a gene therapy contract development and manufacturing organization (CDMO) providing viral vector-based gene delivery solutions.
The acquisition enables clients to seamlessly conduct analytical testing, process development, and manufacturing for advanced modalities with the same scientific partner. The preliminary purchase price of Vigene was $323.9 million, net of $2.7 million in cash, and includes $34.5 million of contingent consideration.
Explora BioLabs was a provider of contract vivarium research services, providing biopharmaceutical clients with turnkey in vivo vivarium facilities, management and related services to efficiently conduct their early-stage research activities.
The acquisition of Explora BioLabs complements our existing Insourcing Solutions business, specifically our CRADL (Charles River Accelerator and Development Lab) footprint, and offers incremental opportunities to partner with an emerging client base. The purchase price of Explora BioLabs was $284.5 million, net of $6.6 million in cash.
SAMDI Tech was a leading provider of high-quality, label-free high-throughput screening (HTS) solutions for drug discovery research.
On January 30, 2023, we acquired SAMDI Tech, Inc., (SAMDI), a leading provider of high-quality, label-free high-throughput screening (HTS) solutions for drug discovery research. The acquisition of SAMDI will provide clients with seamless access to the premier, label-free HTS MS platform. The preliminary purchase price of SAMDI was $60 million, inclusive of a 20% strategic equity interest previously owned by us.
Noveprim Group was a leading provider of non-human primates (NHPs) used for biomedical, pharmaceutical and toxicological research purposes. Charles River acquired a 90% controlling interest, having previously taken a 49% equity stake in 2022.
The acquisition strengthens and diversifies the supply chain for our DSA segment, resulting in a 90% controlling interest. We had previously acquired a 49% equity stake in 2022 for $90.0 million up-front and additional future contingent payments up to $5.0 million. The total preliminary purchase price for the Noveprim acquisition is $374.8 million.
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