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Drug research solutions provider $CRL has acquired KWS BioTest, a contract research organization, for about $20MM. The deal also includes a potential additional payment of up to $4MM based on future performance. The acquisition is not expected to be material to Charles River’s GAAP or non-GAAP results from operations this year.
$CRL and Trax, a subsidiary of MarketAxess Holdings, Inc., have agreed to integrate Trax’s MiFID II Trade and Transaction reporting solutions into the Charles River Investment Management Solution. This will help clients of both firms to use the Trax Approved Publication Arrangement to publish trade reports and transaction report trades.
$CRL has acquired Brains On-Line, a contract research organization providing critical data, for approx $21MM. In addition to the initial purchase price, the transaction includes potential additional payments of up to about $8MM based on future performance.
Laboratory services firm $CRL posted 25.6% growth in revenue to $445.8MM in 1Q17, driven by the Discovery and Safety Assessment and Manufacturing Support segments. Net income was $46.8MM, or $0.97 per share, compared to $37.1MM, or $0.78 per share in 1Q16. The higher earnings were driven by acquisition of new businesses, notably WIL Research.
Nimbus Therapeutics and $CRL launched a multi-year strategic partnership to advance new programs spanning the disease areas of immunology, metabolic disorders and oncology from the discovery phase through to Investigational New Drug (IND) submission.
$CRL expects 2017 revenue growth of 7.5-9% and organic revenue growth of 7-8.5%. The company predicts 2017 GAAP EPS of $4.33-4.43 and non-GAAP EPS of $5.00-5.10. EPS in 2017 are expected to benefit from both higher revenue and operating margin expansion.
$CRL reported a rise in 4Q16 earnings driven by Discovery and Safety Assessment and Manufacturing Support segments. Net income rose to $44.68MM or $0.93 per share from $31.88MM or $0.67 per share last year. Revenue grew to $466.79MM from $353.85MM. Non-GAAP EPS increased to $1.21 from $1.00.
$CRL entered into a strategic partnership agreement with The Tri-Institutional Therapeutics Discovery Institute (Tri-I TDI) intended to accelerate translation of discoveries into novel therapies for patients. $CRL will provide Tri-I TDI with discovery and safety assessment services to support range of projects that are at frontier of science.
$CRL, a service provider to the pharma industry, said it has acquired Massachusetts-based contract research organization, Blue Stream Labs. The combined company will have the ability to support biologic and biosimilar development from characterization through clinical testing and commercialization. Terms of the acquisition were not disclosed.
Provider of products & services to pharma companies $CRL said that it has acquired WIL Research, a CDMO services provider to biopharmaceutical and agricultural companies, for approx. $585MM in cash, subject to certain customary adjustments.
$CRL's agreement to acquire WIL Research is also expected to add $240-250MM to $CRL's 2017 consolidated revenue and expected to be accretive to non-GAAP EPS by at least $0.20 in 2016 and $0.45-0.50 in 2017. The company expects to generate operational synergies from the acquisition, with benefits totaling $17-20MM within two years of closing.