Charles River Laboratories International, Inc. - CRL STOCK NEWS

Charles River Laboratories (NYSE: CRL) announced plans to offer $1 billion in senior notes due 2029 and 2031, subject to market conditions. The proceeds will be utilized to redeem existing 5.5% senior notes due 2026 and to finance part of the proposed acquisition of Cognate BioServices. The offering is unregistered and will only be available to qualified institutional buyers and non-U.S. persons. This press release includes forward-looking statements and cautions investors about associated risks and uncertainties that may affect actual results.

Charles River Laboratories (NYSE: CRL) will present virtually at the Barclays Global Healthcare Conference on March 10^th, at 10:20 a.m. ET. The presentation will cover the company's strategic focus and recent business developments. Investors can access the live webcast via the Investor Relations section of the Charles River website, with a replay available for two weeks post-event. Charles River is committed to supporting pharmaceutical and biotech companies in research and drug development, ensuring timely advancements in therapies for patients.

Charles River Laboratories (NYSE: CRL) has partnered with Kibur Medical to provide exclusive access to Kibur’s implantable microdevice (IMD) for in vivo preclinical oncology studies. Kibur’s IMD can simultaneously test up to 20 compounds, allowing researchers to evaluate drug interactions, optimize doses, and expedite testing for oncology therapies. This collaboration aims to enhance early-stage preclinical testing, significantly providing a data-driven approach to cancer drug development, which traditionally faces a 97% failure rate.

Charles River Laboratories (NYSE: CRL) reported robust financial results for Q4 2020, with revenue of $791 million, up 14.4% year-over-year. Net income surged 78.2% to $143.2 million, translating to diluted EPS of $2.81. Organic growth was strong at 10.3%, led by all segments. The company announced the planned $875 million acquisition of Cognate BioServices, expected to enhance growth in the cell and gene therapy sector. For 2021, CRL expects revenue growth of 12% to 14% and non-GAAP EPS of $9.00 to $9.25, based on promising client demand.

Charles River Laboratories International, Inc. (NYSE: CRL) has signed an agreement to acquire Cognate BioServices, Inc. for approximately $875 million in cash. The acquisition aims to enhance Charles River’s capabilities in the rapidly growing cell and gene therapy CDMO sector, positioning it as a premier partner for biopharmaceutical clients. CEO James C. Foster emphasized that this strategic move will allow Charles River to provide integrated solutions from early-stage research through to commercialization. The transaction is expected to close by the end of Q1 2021, pending regulatory approvals.

Charles River Laboratories (NYSE: CRL) has partnered with Cypre, Inc. to enhance its 3D in vitro testing services. The collaboration grants access to Cypre's Falcon-X™ platform, a 3D tumor model technology that replicates the tumor microenvironment for better therapeutic efficacy predictions. This addition bolsters Charles River's existing cancer assay portfolio, facilitating more effective testing of immunotherapies and targeted treatments using a robust database of over 700 tumor models. The aim is to address cancer immunotherapy resistance and advance drug development.

Charles River Laboratories (NYSE: CRL) has formed a strategic partnership with JADE Biomedical to enhance its biologics testing capabilities. This collaboration aims to support the rising demand for biologics therapeutics, particularly in cell and gene therapies. JADE will expand its GMP product testing operations in Shanghai by opening a second facility, thereby increasing capacity for clients. The partnership combines both companies' expertise in navigating the complex global regulatory landscape, making them reliable partners to clients of any size.

Charles River Laboratories (NYSE: CRL) will present virtually at the 39th Annual J.P. Morgan Healthcare Conference on January 12th at 10:00 a.m. EST. The management team will discuss the company's strategic focus, recent business developments, and industry trends. A live webcast will be accessible in the Investor Relations section of their website, with a replay available for two weeks thereafter.

Charles River supports pharmaceutical and biotechnology companies, government agencies, and academic institutions in their research and drug development efforts. For more details, visit their website.

Charles River Laboratories (NYSE: CRL) acquired Distributed Bio, Inc. on December 31, 2020, following a partnership initiated in October 2018. Located in South San Francisco, Distributed Bio specializes in next-generation antibody discovery. This acquisition enhances Charles River's capabilities, integrating Distributed Bio’s innovative platforms for therapeutic antibody and gene therapy development. The deal, valued at $83 million plus contingent payments of up to $21 million, is not expected to materially affect financial results in 2021. Distributed Bio is projected to contribute approximately $15 million in annual revenue.