Charles River Laboratories Acquires Retrogenix
March 31 2021 - 7:00AM
Business Wire
– Strengthens Charles River’s Scientific
Expertise with the Addition of Cell Microarray Technology and
Off-Target Profiling for Drug Discovery –
Charles River Laboratories International, Inc. (NYSE: CRL)
announced today that it has acquired Retrogenix Limited, an
early-stage contract research organization (CRO) providing
specialized bioanalytical services utilizing its proprietary cell
microarray technology.
Based in the United Kingdom, Retrogenix offers cell microarray
services for target receptor identification, off-target profiling,
and target deconvolution on a wide range of novel therapeutics
including biologics, cell therapies, and small molecules.
Retrogenix’s proprietary cell microarray technology provides a
fast, accurate, and effective solution for identifying specific
cell surface and secreted protein interactions in human cells.
Retrogenix’s technology allows global biopharmaceutical clients to
overcome the critical deconvolution step in phenotypic drug
discovery; uncover novel, high-quality and exploitable drug
targets; and explore preclinical safety liabilities of lead
candidates using a comprehensive, off-target screening platform. As
part of its cell microarray technology, Retrogenix offers one of
the largest protein libraries with over 6,200 human plasma membrane
and secreted protein clones, which provides a unique screening tool
for discovering primary target receptors and assessing potential
off-target binding issues.
The acquisition of Retrogenix enhances Charles River’s
scientific expertise with additional large molecule and cell
therapy discovery capabilities. Retrogenix provides the premier
platform for off-target screening for preclinical safety assurance
in CAR T cell therapies. Combined with Distributed Bio’s
large-molecule discovery platform, Retrogenix’s capabilities will
further strengthen Charles River’s integrated, end-to-end solution
for therapeutic antibody and cell and gene therapy discovery and
development.
James C. Foster, Chairman, President and Chief Executive Officer
of Charles River Laboratories, commented, “The acquisition of
Retrogenix strategically expands Charles River’s existing discovery
capabilities by adding a proprietary cell microarray technology to
accelerate target identification and provide preclinical safety
assurance for novel therapies. In addition to enhancing our
position as the premier, single-source provider for a broad
portfolio of discovery services, Retrogenix enhances our ability to
support clients’ early-stage drug research efforts in advanced drug
modalities, including cell therapies. Retrogenix’s goal is to
become the industry standard for receptor identification and
off-target screening solutions for biotherapeutics and cell
therapies, and we believe the combination with Charles River’s
extensive early-stage expertise will enable them to achieve this
goal. We are pleased to welcome Retrogenix and its talented staff
to the Charles River family.”
Financial and Transaction
Details
The purchase price was approximately £35 million in cash (or
approximately $48 million based on current exchange rates), subject
to customary closing adjustments. In addition to the initial
purchase price, the transaction includes a potential additional
payment of up to £5 million based on future performance (or
approximately $7 million based on current exchange rates). The
transaction is not expected to have a material impact on Charles
River’s 2021 GAAP or non-GAAP financial results. Retrogenix has
become part of the Company’s Discovery and Safety Assessment
segment.
Caution Concerning Forward-Looking
Statements
This press 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 Retrogenix and Charles River’s expectations with
respect to the impact of Retrogenix on the Company, its product and
service offerings, client perception, and financial results; and
Charles River’s future growth for discovery 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
integrate the acquisition of Retrogenix. 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 17, 2021, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210331005133/en/
Investor Contact: Todd Spencer Corporate Vice President,
Investor Relations 781.222.6455 todd.spencer@crl.com
Media Contact: Amy Cianciaruso Corporate Vice President, Public
Relations 781.222.6168 amy.cianciaruso@crl.com
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