Deal Timeline

Plotted by close date where disclosed, otherwise announcement. Select any marker to jump to the deal entry.

The Rationale That Repeats.

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 deals below are the evidence.

01
Acquisition criteria
Buy the next stage of the drug-development continuum.
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."
Inveresk Research GroupArgenta and BioFocus (CRO services division of Galapagos NV)VivoPath LLCChanTestSunrise Farms
02
Capital deployment
Disciplined, accretion-driven M&A with explicit EPS targets.
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."
Inveresk Research GroupArgenta and BioFocus (CRO services division of Galapagos NV)VivoPath LLCChanTestSunrise Farms
03
Integration approach
A late pivot into cell and gene therapy and supply-chain control.
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."
Inveresk Research GroupArgenta and BioFocus (CRO services division of Galapagos NV)VivoPath LLCChanTestSunrise Farms

The Full Deal Book

22 acquisitions. Each entry carries the deal value, financing structure, target revenue, executive commentary, and the original SEC filing — the evidence behind the patterns above.

01 Inveresk Research Group, Inc. · United Kingdom (Edinburgh, Scotland) $1.5B
Announced Jul 2004 Closed Oct 2004 cash and stock
preclinical drug developmentclinical development servicestoxicologydrug safety assessment

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. approximately $1.5 billion.

02 Argenta and BioFocus (CRO services division of Galapagos NV) · United Kingdom (plus certain Dutch assets) $129M
Announced Apr 2014 Closed Mar 2014 all cash
integrated drug discoveryin vitro and in vivo capabilitiestarget discoverylead optimization

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. €129 million in cash (plus up to €5 million in future performance payments).

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.Charles River FY2015 10-K — Business Acquisitions note
03 VivoPath LLC · United States $2.3M
Announced Jun 2014 Closed Jun 2014 all cash
in vivo compound evaluationmetabolisminflammation and oncology discovery services

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. $2.3 million (including $1.6 million in contingent consideration).

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.Charles River FY2014 10-K — Business Acquisitions note
04 ChanTest · United States $59.3M
Announced Oct 2014 Closed Oct 2014 all cash
ion channel testingtarget discoverylead optimization

ChanTest was a leading provider of ion channel testing services to the pharmaceutical and biotech industry, augmenting Charles River's early discovery capabilities. $59.3 million (including $0.3 million in contingent consideration).

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.Charles River FY2014 10-K — Business Acquisitions note
05 Sunrise Farms, Inc. · United States $9.6M
Announced Jan 2015 Closed Jan 2015 all cash
SPF fertile chicken eggsSPF chickenslive virus vaccine manufacturing inputs

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.Charles River FY2015 10-K — Business Acquisitions note
06 Celsis Group Limited · United Kingdom $214.5M
Announced Jul 2015 Closed Jul 2015 all cash
rapid microbial detectionbioburden testingquality control testing systems

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.Charles River FY2015 10-K — Business Acquisitions note
07 Oncotest GmbH · Germany $36.0M
Announced Nov 2015 Closed Nov 2015 all cash
oncology discovery servicespatient-derived xenograft (PDX) modelssyngeneic models

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.Charles River FY2015 10-K — Business Acquisitions note
08 WIL Research · United States (global operations) $585M
Announced Jan 2016 Closed Apr 2016 all cash
safety assessmenttoxicologycontract development and manufacturing (CDMO)

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. approximately $585 million in cash (purchase price $604.8 million including assumed liabilities).

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.James C. Foster — Chairman, President and Chief Executive Officer, Charles River Laboratories
09 Blue Stream Laboratories · United States $11.7M
Announced Jan 2016 Closed Jan 2016 all cash
analytical services for biologics and biosimilarscharacterizationclinical testing support

Blue Stream Laboratories was an analytical CRO supporting the development of complex biologics and biosimilars. $11.7 million (including $3.0 million in contingent consideration).

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.Charles River FY2016 10-K — Business Acquisitions note
10 Agilux Laboratories · United States $64.9M
Announced Sep 2016 Closed Sep 2016 all cash
bioanalytical servicesdrug metabolism and pharmacokinetics (DMPK)pharmacology services

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. $64.9 million in cash.

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.Charles River FY2016 10-K — Business Acquisitions note
11 KWS BioTest Limited · United Kingdom $20.3M
Announced Jan 2018 Closed Jan 2018 all cash
in vitro and in vivo discovery testingimmuno-oncologyinflammation and infectious disease models

KWS BioTest was a CRO specializing in in vitro and in vivo discovery testing services for immuno-oncology, inflammatory and infectious diseases. $20.3 million in cash.

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.Charles River FY2018 10-K — Business Acquisitions note
12 MPI Research · United States (Mattawan, Michigan) $800M
Announced Feb 2018 Closed Apr 2018 all cash
non-clinical safety assessmentdiscovery servicesbioanalytical services

MPI Research was a premier non-clinical contract research organization providing safety assessment, discovery, and bioanalytical services, with a large site in Mattawan, Michigan. approximately $800 million in cash.

Why it was attractive
  • Access to growing end markets
  • high-quality services
  • scientific expertise
  • and complementary capabilities
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.James C. Foster — Chairman and Chief Executive Officer, Charles River Laboratories
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.James C. Foster — Chairman and Chief Executive Officer, Charles River Laboratories
13 Brains On-Line · Netherlands and United States $21.3M
Announced Jan 2018 Closed Jan 2018 all cash
central nervous system (CNS) discovery servicesneuroscience data generation

Brains On-Line was a leading CRO providing critical data that advances novel therapeutics for the treatment of central nervous system (CNS) diseases. $21.3 million in cash (plus contingent payments).

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.Charles River FY2018 10-K — Business Acquisitions note
14 Citoxlab · France / Europe and North America $448M
Announced Feb 2019 Closed Apr 2019 all cash
non-clinical safety assessmenttoxicologyregulatory services

Citoxlab was a non-clinical CRO providing safety assessment and related services, with operations across Europe and North America, founded over 50 years prior. €448 million in cash (approximately $510 million).

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.James C. Foster — Chairman, President and Chief Executive Officer, Charles River Laboratories
15 HemaCare Corporation · United States (Los Angeles, California) $379.8M
Announced Jan 2020 Closed Jan 2020 all cash
human-derived cellular productscell therapy materialsleukapheresis collection

HemaCare Corporation was a business specializing in the production of human-derived cellular products for the cell therapy market. $379.8 million in cash.

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.Charles River FY2020 10-K — Business Acquisitions note
16 Cellero, LLC · United States $37.4M
Announced Aug 2020 Closed Aug 2020 all cash
cellular productshuman-derived biomaterialsdonor collection sites

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.Charles River FY2020 10-K — Business Acquisitions note
17 Cognate BioServices, Inc. · United States (Memphis, Tennessee) with European operations $875M
Announced Feb 2021 Closed Mar 2021 all cash
cell and gene therapy CDMOcell therapy manufacturingplasmid DNA productioncGMP production

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. approximately $875 million (purchase price $879.0 million, net of $70.5 million cash).

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.James C. Foster — Chairman, President and Chief Executive Officer, Charles River Laboratories
18 Retrogenix Limited · United Kingdom $53.9M
Announced Mar 2021 Closed Mar 2021 all cash
bioanalytical servicesproprietary cell microarray technologylarge-molecule and cell therapy discovery

Retrogenix Limited was an early-stage CRO providing specialized bioanalytical services utilizing its proprietary cell microarray technology. $53.9 million, net of $8.5 million cash (plus up to $6.9 million contingent).

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.Charles River FY2021 10-K — Business Acquisitions note
19 Vigene Biosciences, Inc. · United States (Rockville, Maryland) $323.9M
Announced Jun 2021 Closed Jun 2021 all cash
gene therapy CDMOviral vector-based gene deliveryanalytical testingprocess development

Vigene Biosciences was a gene therapy contract development and manufacturing organization (CDMO) providing viral vector-based gene delivery solutions. $323.9 million, net of $2.7 million cash (includes $34.5 million contingent consideration).

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.Charles River FY2021 10-K — Business Acquisitions note
20 Explora BioLabs Holdings, Inc. · United States (San Diego, California) $284.5M
Announced Apr 2022 Closed Apr 2022 all cash
contract vivarium research servicesturnkey in vivo vivarium facilitiesvivarium management

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. $284.5 million, net of $6.6 million cash.

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.Charles River FY2022 10-K — Business Acquisitions note
21 SAMDI Tech, Inc. · United States (Chicago, Illinois) $60M
Announced Jan 2023 Closed Jan 2023 combination
label-free high-throughput screening (HTS)mass spectrometry HTS platformdrug discovery solutions

SAMDI Tech was a leading provider of high-quality, label-free high-throughput screening (HTS) solutions for drug discovery research. $60 million (inclusive of a 20% strategic equity interest previously owned).

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.Charles River FY2022 10-K — Subsequent Events / Acquisitions note
22 Noveprim Group · Mauritius $374.8M
Announced Nov 2023 Closed Nov 2023 all cash
non-human primate (NHP) supplyresearch model supply chain for biomedical and toxicological research

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. total preliminary purchase price $374.8 million (90% controlling interest; prior 49% stake acquired in 2022 for $90.0 million).

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.Charles River FY2023 10-K — Business Acquisitions note

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