U.S. pre-clinical and clinical laboratory services provider Charles River Laboratories International, Inc. has inked a binding offer to buy French peer Citoxlab for 448 million euros ($510 million) in cash, subject to customary closing adjustments.
The purchase of Citoxlab will reinforce Charles River’s position as the leading, international, early-stage contract research organization by extending its scientific portfolio and geographic footprint.
Charles River said that the purchase is expected to generate value for shareholders, drive profitable revenue growth and non-generally accepted accounting principles earnings per share accretion of about $0.15 in 2019 and at least $0.35 in 2020.
The deal, subject to labor consultations, regulatory requirements, and customary closing conditions, is anticipated to be wrapped up in the second quarter of 2019.