WILMINGTON, Mass.--(BUSINESS WIRE)--Charles River Laboratories International, Inc. (NYSE: CRL) announced today that it has completed the previously announced acquisition of HemaCare Corporation (OTCMKTS: HEMA) for approximately $380 million in cash, or $25.40 per HemaCare share. HemaCare will become part of Charles River’s Research Models and Services segment.
HemaCare is a leader in the production of human-derived cellular products for the cell therapy market. The business supplies critical biomaterials, including a wide range of human primary cell types, as well as cell processing services to support the discovery, development, and manufacture of cell therapies, including allogeneic (donor-derived cells) and autologous (patient-derived cells) programs. Acquiring HemaCare expands Charles River’s scientific capabilities in the emerging, high-growth cell therapy sector, creating a comprehensive portfolio of early-stage research and manufacturing support solutions to help cell therapy developers and manufacturers advance their critical programs from basic research and proof-of-concept to regulatory approval and commercialization.
James C. Foster, Chairman, President and Chief Executive Officer of Charles River Laboratories, commented, “We are pleased to welcome the talented team at HemaCare to the Charles River family. The addition of HemaCare’s cellular products enhances our ability to provide a comprehensive cell therapy solution from discovery through commercialization, which will enhance our clients’ efficiency and accelerate their speed-to-market. The acquisition of HemaCare is a key element of our strategy to fully support our clients’ early-stage drug research efforts, achieve our long-term growth goals, and enhance shareholder value.”
Caution Concerning Forward-Looking Statements
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “expect,” “will,” “may,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements include statements in this news release regarding the acquisition of HemaCare and Charles River’s expectations with respect to the impact of HemaCare on the Company, its product and service offerings, client perception; Charles River’s projected future performance; as well as Charles River’s future growth in the area of cell therapy products and services. Forward-looking statements are based on Charles River’s current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. Those risks and uncertainties include, but are not limited to, the ability to successfully complete the integration of HemaCare. A further description of these risks, uncertainties, and other matters can be found in the Risk Factors detailed in Charles River's Annual Report on Form 10-K as filed on February 13, 2019 and the Quarterly Report on Form 10-Q as filed on November 6, 2019, as well as other filings we make with the Securities and Exchange Commission. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by Charles River, and Charles River assumes no obligation and expressly disclaims any duty to update information contained in this news release except as required by law.
About Charles River
Charles River provides essential products and services to help pharmaceutical and biotechnology companies, government agencies and leading academic institutions around the globe accelerate their research and drug development efforts. Our dedicated employees are focused on providing clients with exactly what they need to improve and expedite the discovery, early-stage development and safe manufacture of new therapies for the patients who need them. To learn more about our unique portfolio and breadth of services, visit www.criver.com.