Charles River Acquires MIR Preclinical Services
WILMINGTON, Mass.--(BUSINESS WIRE)--Sep 15, 2008 - Charles River Laboratories International, Inc. (NYSE: CRL) announced today that it has acquired privately-held Molecular Imaging Research, Inc. (d/b/a MIR Preclinical Services) for approximately $12.5 million in cash. Ann Arbor, Michigan-based MIR Preclinical Services (MIR) provides discovery services supported by extensive in vivo imaging capabilities to pharmaceutical and biotechnology clients.
MIR offers non-GLP (Good Laboratory Practice) preclinical efficacy testing services with expertise in the key therapeutic areas of oncology and inflammation. The key differentiator of MIR compared to traditional discovery service providers is the use of multiple modalities of state-of-the-art, in vivo imaging techniques. MIR applies a wide array of high-throughput and efficient imaging technologies, including preclinical positron emission tomography (PET), preclinical micro-computed tomography (CT), anatomical and functional magnetic resonance imaging (MRI), and bioluminescence and fluorescence biophotonic imaging. These extensive imaging services permit noninvasive in situ and quantitative analysis of both efficacy and mechanism of action. The net result is acceleration of the drug discovery process and more precise evaluation of clients' drug candidates than is possible with traditional methods. The company also offers a range of other in vivo, in vitro and analytical services to supplement its core imaging offering.
MIR will join Charles River Discovery Services, a premier provider of non-GLP pharmacology services to evaluate the efficacy of compounds. With the addition of MIR, Charles River now offers expertise in four key therapeutic areas including metabolic and cardiovascular diseases, oncology and inflammation, complemented by expanded in vivo imaging capabilities. MIR enhances Charles River's extensive portfolio of products and services, which is designed to help clients progress efficiently through the drug development continuum.
James C. Foster, Chairman, President and Chief Executive Officer of Charles River said, "As pharmaceutical and biotechnology companies increasingly seek the means to accelerate their drug development efforts, in vivo imaging is becoming a key tool in making more effective and informed "go/no-go" decisions early in the drug development process. The addition of MIR's oncology and inflammation therapeutic expertise and state-of-the-art in vivo imaging capabilities allows Charles River Discovery Services to offer a broader portfolio of efficacy testing services to better support our clients' needs. We welcome MIR Preclinical Services to the Charles River family."
Dr. W.R. "Dick" Leopold, President and Chief Executive Officer of MIR commented, "At MIR, we have dedicated ourselves to improving the drug development process by building a leading preclinical imaging business with drug discovery expertise in key therapeutic areas. By joining with Charles River, we will be able to extend our joint reach and aide our clients in finding treatments for cancer and other devastating diseases."
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 press release regarding Charles River's expectations with respect to the expected impact of MIR on the Company, its service offering and earnings. 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. 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 20, 2008, 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
Accelerating Drug Development. Exactly. 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 more than 8,800 employees worldwide are focused on providing clients with exactly what they need to improve and expedite the discovery, development through first-in-human evaluation, 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.
Charles River Laboratories International, Inc.
Susan E. Hardy, 781-222-6190
Corporate Vice President, Investor Relations
Amy Cianciaruso, 781-222-6168
Associate Director, Public Relations
Posted: September 2008