Charles River Laboratories (CRL) - Get Report, a provider of medical-testing services, said Friday it received a $111.6 million contract from the National Cancer Institute. The duration of the contract is 10 years.
The contract doubles the size of its current contract with the NCI. In support of the new contract, Charles River will construct a shared-use facility to provide research model production and related services. The facility is expected to be completed by the third quarter of 2008, the Wilmington, Mass.-based company said.
Under the terms of the new contract, Charles River will also assume responsibility for the management of the NCI and National Institutes of Health Tumor and Natural Products Repositories, in support of the developmental therapeutics program. These repositories store a wide array of tumor and other samples used by researchers exploring the causes and treatment of cancer and other diseases, the company says.
The company's stock was trading at $41.31, down 33 cents Friday.
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