18-Dec-2019 - Charles River Laboratories, Inc.

Charles River to Acquire HemaCare

Charles River Laboratories International, Inc. and HemaCare Corporation announced a definitive agreement for Charles River to acquire HemaCare for approximately $380 million in cash.

HemaCare is a leader in the production of human-derived cellular products for the cell therapy market. The business supplies critical biomaterials, including a wide range of human primary cell types, as well as cell processing services to support the discovery, development, and manufacture of cell therapies, including allogeneic (donor-derived cells) and autologous (patient-derived cells) programs. Combined with Charles River’s integrated, early-stage portfolio of discovery, safety assessment, and manufacturing support services, the acquisition will create a unique, comprehensive solution for cell therapy developers and manufacturers worldwide to help accelerate their critical programs from basic research and proof-of-concept to regulatory approval and commercialization.

James C. Foster, Chairman, President and Chief Executive Officer of Charles River Laboratories, commented, “Cell and gene therapies are important new modalities, with an estimated 10 to 20 new product approvals per year within five years. In order to continue to enhance our ability to support our clients’ research efforts, particularly in biologics discovery and development, we are expanding our scientific capabilities in this emerging, high-growth market with the acquisition of HemaCare. HemaCare advances the development of life-saving cell therapies through the use of its high-quality cellular products that represent critical inputs to these therapeutics. The addition of HemaCare’s innovative cell therapy products and services to our integrated, early-stage solutions will create a unique, go-to partner for clients to work with Charles River across a comprehensive cell therapy portfolio from idea to novel therapeutic.”

“We greatly respect HemaCare’s scientific capabilities, which have enabled it to become a premier provider of cutting-edge research tools used in the development of these advanced medicines. HemaCare’s expertise is well recognized, as evidenced by the fact that it has worked on all of the cell therapy drugs approved by the U.S. Food and Drug Administration to date. In addition to enhancing our value proposition for clients, we believe that the acquisition of HemaCare will drive profitable revenue and generate value for shareholders. We look forward to welcoming HemaCare and its valued employees to the Charles River family early next year,” Mr. Foster concluded.

Pete van der Wal, President and Chief Executive Officer of HemaCare, commented, “We are very pleased to be joining the Charles River team, which is widely recognized as the industry-leading, early-stage contract research organization. Partnering with Charles River will strengthen the value proposition for our clients, enabling them to work seamlessly with one scientific partner to enhance the speed and efficiency with which they can advance their cell therapies. The transaction will offer compelling value to our shareholders. This is an exciting day that will usher in a new era for HemaCare and my talented colleagues.”

Steven Gerber, M.D., Chairman of the Board of HemaCare, added, “I am immensely proud of the achievements of the entire HemaCare family, including the tireless efforts of our management team, which have led to this exciting new stage of growth.”

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