Friday, biotechnology company Charles River Laboratories International Inc. (CRL) said it would acquire PPD, Inc.'s (PPDI) wholly owned subsidiary Piedmont Research Center, LLC, for $46 million in cash.
Wilmington, Massachusetts-based Charles River said the acquisition, which is expected to be complete in the second quarter, would be neutral to earnings per share, on both GAAP and non-GAAP basis, in fiscal year 2009. Charles River said the deal would significantly expand the oncology expertise offered through Charles River Discovery and Imaging Services.
Wilmington, North Carolina-based PPD, or Pharmaceutical Product Development said the sale, when closed, will lower its projected full-year 2009 discovery sciences segment revenue by about $19.0 million.
Furthermore, PPD expects the sale to boost its projected full-year 2009 earnings per share by about $0.12, including after-tax gain on the sale of about $17.0 million in the second quarter. Finally, it expects the divesture to impact its projected quarterly earnings per share for the remainder of 2009 as follows: second quarter - $0.14; third quarter - ($0.01), fourth quarter - ($0.01).
Piedmont Research Center, or PRC, which provides preclinical research and evaluation of anticancer agents and therapies indicated that upon consummation of the transaction, would continue to focus on its core service businesses and compound partnering programs to impel future revenue and earnings growth. PRC would continue to operate from its North Carolina headquarters.
CRL closed Thursday's regular trade at $27.72 on the NYSE. PPDI closed Thursday's trading at $23.53 on the Nasdaq.
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