“We are pleased to welcome the exceptional team at WIL Research to the Charles River family,” James C. Foster, Chairman, President, and CEO of Charles River Laboratories, said. “WIL reinforces our scientific leadership, adding a wealth of talent with deep expertise in specialty areas.”
Charles River filed a Form 8-K report with the SEC yesterday.
“WIL Research is a premier provider of safety assessment and contract development and manufacturing (CDMO) services to biopharmaceutical and agricultural and industrial chemical companies worldwide,” added Foster. “Acquiring WIL Research enhances Charles River’s position as a leading global early-stage contract research organization (CRO) by strengthening its ability to partner with global clients across the drug discovery and development continuum.”
According to Foster, the combined capabilities of the companies will not only increase Charles River’s infrastructure, but will also enhance its ability to support client’s drug research and development needs, “enabling them to make critical go/no-go decisions faster and with greater certainty,” he said.
As Outsourcing-Pharma.com previously reported, the acquisition is expected to add $150 to $170m to Charles River’s 2016 consolidated revenue, and $240 to $250m in 2017.
“The acquisition of WIL Research is a key element of our continued ability to support our clients’ early-stage drug research efforts, to achieve our long-term growth goals, and to enhance shareholder value,” said Foster.
The acquisition will also help the company move forward with its plans to re-open its Shrewsbury, MA-based facility, a portion of which was opened in January. The facility is situated less than an hour from the Boston-Cambridge biohub.