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Charles River Labs to Acquire CRO Citoxlab

Charles River Laboratories (CRL) signed a binding offer to acquire Citoxlab, an early-stage contract research organization, for €448MM in cash (~US $510MM). The proposed transaction is expected to close in 2Q19.

Citoxlab specializes in regulated safety assessment, non-regulated discovery and medical device testing. It operates six sites across Eastern and Western Europe and three in the U.S. and Canada, including AccelLAB, which Citoxlab acquired in 2016.

The transaction would further expand Charles River's small and mid-sized biotechnology client base, which is its fastest-growing client segment per leadership comments. Of note, it doubles CRL's medical device testing capabilities. 

James C. Foster, Chairman, President and Chief Executive Officer of Charles River Laboratories, commented, “The proposed acquisition of Citoxlab would expand and solidify Charles River’s position as the partner of choice for our clients’ early-stage research needs, at a time when we believe there continues to be significant demand for outsourced services from both biotechnology and pharmaceutical companies. Citoxlab would be an exceptional strategic fit for Charles River because it incorporates the key attributes we require in an acquisition: scientific expertise, complementary capabilities, talented people, and access to growing end markets. The proposed acquisition would also enhance our geographic footprint, particularly in Europe, and our access to a growing biotechnology client base, enabling Charles River to provide a broader range of services proximate to our clients – both large and small.”

Source: Charles River Laboratories