Charles River Laboratories
acquired privately held Northwest Kinetics of Tacoma, Wash., for $29.5 million.
Northwest Kinetics is a 150-bed facility with expertise in branded-drug studies. It is currently in the process of expanding to 250 beds, which provides a platform for continued growth. When the expansion is completed in the fourth quarter, in combination with the Phase I facility in Scotland, the company will have a total capacity of more than 300 beds, the Wimington, Mass.-based company said.
The company expects the transaction will be neutral to earnings on a GAAP basis, and slightly accretive on a non-GAAP basis, in 2007.
"Through its management's deep scientific and medical backgrounds, Northwest Kinetics has established itself as a premier provider of branded drug studies, and we expect to leverage that expertise on a global basis as we expand our Phase I service offerings. Northwest Kinetics' scientific excellence and outstanding customer service make it a superb fit for us, as these are the hallmarks of Charles River. We are very pleased to welcome Northwest Kinetics to the Charles River family," the company added.
Shares fell 2 cents Tuesday to $43.44.
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