Charles River Laboratories Completes Chinese Joint Venture
WILMINGTON, Mass.--(BUSINESS WIRE)--June 14, 2007--Charles River Laboratories International, Inc. (NYSE:CRL) announced today the closing of its previously announced joint venture with Shanghai BioExplorer Co., Ltd. to form Charles River Laboratories Greater China, Preclinical Services Shanghai Company Ltd. Charles River will own a 75% stake and control Charles River Laboratories Greater China.
James C. Foster, Chairman, President, and Chief Executive Officer of Charles River Laboratories, commented, "Through the formation of Charles River Laboratories Greater China, we embark on the first phase of our initiative to become the leading global contract research organization providing regulatory-compliant preclinical services in China. Our new, 50,000 square-foot Shanghai facility, which is expected to open in the second half of 2008, will be managed by and employ staff trained by Charles River. Charles River Laboratories Greater China will adhere to the high quality standards of the U.S. Food and Drug Administration, as well as Charles River's facilities around the world. Charles River is well-positioned to become the partner of choice for our global pharmaceutical and biotechnology customers as they establish and expand research and development activities in the rapidly-growing Chinese market."
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 the statements in this press release regarding Charles River's expectation regarding the prospects of the joint venture with Shanghai BioExplorer Co., Ltd., including the timing of facility construction, opportunities for the preclinical business generated by this arrangement and future demand for products and services provided by Charles River and the joint venture. 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 27, 2007, as well as other filings we make with the Securities and Exchange Commission. Charles River assumes no obligation and expressly disclaims any duty to update information contained in this release except as required by law.
About Charles River Laboratories
Charles River Laboratories, based in Wilmington, Massachusetts, partners with global pharmaceutical and biotechnology companies, government agencies, and leading academic institutions to advance the drug discovery and development process, bringing drugs to market faster and more efficiently. Charles River's 8,000 employees serve clients worldwide.
Posted: June 2007