Charles River Laboratories International, Inc. (NYSE CRL) started the year off with the acquisition of WIL Research, which provides safety assessment, contract development and manufacturing (CDMO) services to biopharmaceutical, agricultural and industrial chemical companies worldwide. The purchase price was approximately $585 million in cash.
WIL Research will join Celsis International Ltd., acquired in July 2015 for $212 million, in Charles River’s growing global business. Celsis provides rapid bacterial detection systems for quality control testing in the biopharmaceutical and consumer products industries.
This acquisition will grow its global presence, especially in Europe. It will also expand Charles River’s portfolio by adding CDMO services. This acquisition is expected to increase non-GAAP earnings per share accretion of at least $0.20 in 2016 and $0.45 to $0.50 in 2017. The company said this acquisition aligns its strategy to expand its biotechnology client base, its fastest-growing market segment.