After searching for buyers for its "underperforming" assets, Charles River Laboratories has secured two deals. It will sell some of its European discovery services to the data and services company IQVIA, while its CDMO and cell solutions businesses will go to the private equity firm GI Partners, it said in a Wednesday release. Charles River’s stock CRL was up 2.45% on Wednesday. Last week, the company’s CEO Jim Foster said Charles River was in discussions with potential
buyers, after announcing its plans in November to divest “underperforming or non-core assets” that make up 7% of its total revenue. IQVIA is paying $145 million, with the potential for an additional $10 million, and will take over five facilities, including a drug discovery site in Cambridge, UK and pharmacology facilities in Freiburg, Germany; Kuopio,
Finland; Portishead, UK; and Leiden, the Netherlands. |