Charles River Laboratories Completes the Acquisition of Cognate BioServices
Charles River Laboratories International, Inc. (NYSE: CRL) announced today that it has completed the previously announced acquisition of Cognate BioServices, Inc. for approximately $875 million, subject to customary closing adjustments.
Cognate BioServices is a premier, cell and gene therapy contract development and manufacturing organization (CDMO) offering comprehensive manufacturing solutions for cell therapies, as well as for production of plasmid DNA and other inputs in the CDMO value chain. The acquisition establishes Charles River as a premier scientific partner for cell and gene therapy development, testing, and manufacturing, providing clients with an integrated solution from basic research and discovery through CGMP production. The strategic benefits of the transaction include: providing broad capabilities across the major CDMO platforms for cell and gene therapies; driving greater efficiency and accelerating clients’ speed-to-market by integrating manufacturing and the required analytical testing; enhancing Charles River’s growth potential with a significant expansion in the high-growth cell and gene therapy sector; and providing a compelling value proposition for both clients and shareholders. Headquartered in Memphis, Tennessee, Cognate has operations in North America and Europe with over 500 employees.
James C. Foster, Chairman, President and Chief Executive Officer of Charles River Laboratories, commented, “We are pleased to welcome the exceptional team at Cognate to the Charles River family, and look forward to working together to provide clients with an integrated solution to help accelerate their cell and gene therapy programs from discovery and non-clinical development through commercialization. We believe Cognate will meaningfully enhance our long-term revenue and earnings growth potential because of the synergistic fit with Charles River, the market growth potential, and the emerging role of advanced drug modalities as treatments for oncology, rare diseases, and other therapeutic areas.”
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