Charles River Laboratories International, Inc. (NYSE: CRL) today announced that it has been selected by AstraZeneca (NYSE: AZN) as its preferred strategic partner for outsourced regulated safety assessment and development DMPK (drug metabolism and pharmacokinetics).
James C. Foster, Chairman, President and Chief Executive Officer of Charles River said, “We are extremely pleased that AstraZeneca selected Charles River as its strategic in vivo biology partner. Utilizing our capabilities will enable AstraZeneca to create a flexible research platform to deliver innovative health solutions. Our shared passion for scientific excellence is a strong foundation for this relationship, and we look forward to working with AstraZeneca’s scientists ‘on the same side of the table’ to achieve their drug development goals.”
Stefan Platz, Vice President, Global Safety Assessment, AstraZeneca said, “Tapping into the high quality drug development services of a trusted strategic partner enables AstraZeneca to increase our resource flexibility while simplifying the way we work. We are pleased to partner with Charles River to utilize their scientific expertise, such as their customized in vivo biology program. Our organisations will work hand-in-hand to deliver toxicology, safety pharmacology and development DMPK studies in support of our efforts to deliver safe and effective new treatments to patients more efficiently.”
The three-year agreement extends into 2015. AstraZeneca began the process of transferring programs to Charles River earlier this year. This process is expected to be completed by early 2013. In 2013, the incremental sales under this agreement are expected to contribute approximately 1% to Charles River’s total net sales.Caution Concerning Forward-Looking Statements This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “expect,” “will,” “may,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements include statements in this press release regarding Charles River’s expectations with respect to the expected impact of the AstraZeneca agreement on the Company, its product and service offering and earnings. Forward-looking statements are based on Charles River’s current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A further description of these risks, uncertainties, and other matters can be found in the Risk Factors detailed in Charles River's Annual Report on Form 10-K as filed on February 27, 2012, as well as other filings we make with the Securities and Exchange Commission. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by Charles River, and Charles River assumes no obligation and expressly disclaims any duty to update information contained in this news release except as required by law.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts