Charles River Laboratories International, Inc. (NYSE: CRL) today announced the appointment of Craig B. Thompson, M.D., President and Chief Executive Officer, Memorial Sloan-Kettering Cancer Center, to its Board of Directors. Dr. Thompson’s extensive experience with both global pharmaceutical companies and leading academic institutions in the fields of cancer biology and immunology will provide Charles River with a unique combination of expertise. “Dr. Thompson’s experience overseeing oncology and immunology research, and particularly his focus on translational medicine, will enhance the expertise of Charles River’s Board,” said James C. Foster, Chairman, President and Chief Executive Officer of Charles River Laboratories. “His understanding of the strategic use of outsourcing—whether by global pharmaceutical companies, biotechnology companies, or academic and government institutions—will enable us to strengthen our position as the partner of choice for our clients’ early-stage drug development programs.” Prior to joining Memorial Sloan-Kettering Cancer Center in 2010, Dr. Thompson held various roles at the University of Pennsylvania. He currently serves as a member of the Medical Advisory Board of the Howard Hughes Medical Institute; on the Board of Directors of Merck & Co., Inc.; as a member of the Lasker Prize Jury; and as Associate Editor of the journals Cell, Immunity, and Cancer Cell. Dr. Thompson holds a number of patents related to immunotherapy and apoptosis, and is a founder of three biotechnology companies. He is an elected member of the National Academy of Sciences, the Institute of Medicine, the American Academy of Arts and Sciences, the American Society for Clinical Investigation, and the American Association of Physicians. Dr. Thompson has published more than 350 peer-reviewed manuscripts and more than 85 reviews. “I am pleased to join Charles River’s Board and to work with this outstanding team. I look forward to contributing to the future success and growth of this recognized global leader,” said Dr. Thompson.
Creates New Board CommitteeIn conjunction with Dr. Thompson’s election, the Charles River Board of Directors also established a new Science and Technology Committee. This Committee will focus on identifying significant emerging trends in science and technology as well as consider the potential impact of these trends on the Company. It will also be responsible for periodically reviewing and advising the Board on the Company’s strategic direction and investment in research and development activities. In addition to Dr. Thompson, who will serve as the chairman, the Committee includes current directors Mr. Stephen D. Chubb, Dr. Deborah T. Kochevar and Dr. George M. Milne, Jr. Increases Stock Repurchase Authorization On December 3, 2013, the Board of Directors increased the $850 million stock repurchase authorization by an incremental $150 million, to an aggregate amount of $1.0 billion. 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 future demand for drug discovery and development products and services including the outsourcing of these services; the specific contributions of members of Charles River's Board of Directors; and expectations regarding market and industry conditions. 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, including the timing and magnitude of our share repurchases. 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, 2013, as well as other filings we make with the Securities and Exchange Commission. Charles River assumes no obligation and expressly disclaims any duty to update information contained in this release except as required by law.
About Charles RiverAccelerating Drug Development. Exactly. Charles River provides essential products and services to help pharmaceutical and biotechnology companies, government agencies and leading academic institutions around the globe accelerate their research and drug development efforts. Our dedicated employees are focused on providing clients with exactly what they need to improve and expedite the discovery, early-stage development and safe manufacture of new therapies for the patients who need them. To learn more about our unique portfolio and breadth of services, visit www.criver.com.