Kendle Completes Acquisition of Phase II-IV Clinical Services Business of Charles River Laboratories International, Inc.
Kendle has completed the acquisition of the Phase II-IV Clinical services business of Charles River Laboratories International, Inc. With this move, Kendle strengthens its position as one of the leading global players in the clinical development industry, adding attractive therapeutic expertise, diversifying its customer base and expanding its capacity to deliver large global trials.
"Kendle and Charles River Clinical Services are a winning combination," said Candace Kendle, PharmD, Chairman and Chief Executive Officer. "Our newly combined organization offers our customers an expanded global platform and broadened therapeutic base for their drug development efforts, and positions Kendle for continued strong growth as we accelerate toward our $500 million mid-term revenue goal. We welcome Charles River Clinical Services associates to Kendle and look forward to serving our expanded customer base for years to come."
With the completion of the acquisition, Kendle now has nearly 3,000 associates in operations throughout North America, Europe, Asia/Pacific, Latin America and Africa. The combined organization is the fourth largest provider of Phase II-IV clinical development services worldwide.
Kendle's agreement with Charles River provided for the purchase of 100 percent of the stock of the Phase II-IV Clinical Services business for approximately $215 million in cash plus a working capital adjustment in accordance with the terms and conditions of the Stock Purchase Agreement, as amended, between Charles River and Kendle. Kendle financed the transaction with a combination of cash on hand and debt.
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