Print
Email
Print Edition StoriesFriday, April 3, 2009
Charles River Labs to acquire Piedmont Research Center
By Mass High Tech staff
Google's Summer of Code
MHT's Marc Songini: RI plans launch of cord blood center
The Murphy brothers' software-selling family tree
Biotech tools and services provider Charles River Laboratories Inc. today announced an agreement to acquire Piedmont Research Center LLC, a North Carolina facility that provides preclinical discovery services for oncology and other therapeutic areas for pharmaceutical and biotech clients.
Piedmont is a wholly-owned subsidiary of PPD Inc. (Nasdaq: PPDI). Waltham-based Charles River (NYSE: CRL) said it will pay $46 million in cash for Piedmont, and the acquisiton is expected to be neutral to earnings in 2009. The deal is scheduled to close this quarter.
Besides its services in oncology, Piedmont provides in vivo, in vitro and analytical services to supplement its core pharmacology offering. PRC will continue to operate from its North Carolina headquarters and, according to Charles River, will expand its oncology expertise through Charles River Discovery and Imaging Services.
Charles River chairman and CEO James C. Foster said the acquisition is intended to help Charles River better meet the demands of pharmaceutical and biotechnology companies for more outsourced services.
PPD. which sold Piedmont to Charles River, also announced today its acquisition of another Waltham-based company, Magen Biosciences Inc.
In December, Charles River expanded its footprint in South Carolina with a $20 million investment in a new warehouse and research facility and added 60 jobs. However, in February, the company said it was eliminating 240 jobs worldwide, which represented 3 percent of its workforce.
Comments
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.
RSS Feeds
