logo
  Join        Login             Stock Quote

Charles River Laboratories (CRL) Buys Accugenix For $17M

 August 29, 2012 03:52 PM
 


(By Balaseshan) Charles River Laboratories International Inc. (NYSE:CRL) said it has purchased a provider of cGMP-compliant contract microbial identification testing Accugenix Inc. for about $17 million in cash.

The acquisition is expected to be neutral to earnings per share on both a GAAP and non-GAAP basis in 2012. In 2013, it is expected to represent about 1% of total net sales and be slightly accretive to both GAAP and non-GAAP earnings per share.

This acquisition strengthens Charles River's Endotoxin and Microbial Detection (EMD) portfolio of products and services by providing clients with state-of-the-art microbial detection services for manufacturing in the biopharmaceutical, medical device, nutraceutical and consumer care industries.

[Related -Stock Upgrades And Downgrades: CMA, CRL, CVLT, FITB, GATX, NFX, WY]

"The acquisition of Accugenix is the first step in our broader strategy to become the premier provider of rapid microbial and endotoxin detection products and services to the biopharmaceutical industry," said James Foster, Chief Executive of Charles River.

Over the next several years, Charles River plans to enhance its capabilities through both product extensions and acquisitions. The company expects that execution of this strategy would advance its position as the market leader in endotoxin and microbial detection.

Accugenix focuses in species-level identification and strain typing of bacteria and fungi that are recovered from manufacturing facilities. The company has invested in proprietary library databases which allow it to identify over 5,000 species of organisms.

[Related -Analysts' Rating And Target Changes: ADI, CREE, CRL, DRI, HBAN, YUM]

Utilizing state-of-the-art and proprietary in vitro technologies, coupled with scientific expertise and analysis, Accugenix excels in providing accurate, time-effective and cost-effective microbial identification services required to meet internal quality standards and government regulations.

CRL is trading up 0.11% at $36.35 on Wednesday. The stock has been trading between $25.52 and $37.56 for the past 52 weeks.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article image3 Stocks With 100% Upside

Biotech stocks had a banner year in 2014. Agios Pharmaceuticals, Inc. (Nasdaq: AGIO), Avanir read on...

article imageUpside Risks Are the Riskiest

For long-term investors, upside market risk has forever been the most dangerous read on...

article imageGrexit: It Is Not The Debt, It Is The Future.

A follow up to my previous post now that we know that the Syriza party has won the election. What comes read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.