Charles River

The American company Charles River Laboratories has announced the acquisition of a Chinese company, WuXi Pharma Tech, provider of pharmaceutical outsourcing. The deal - 1.6 billion dollars in cash and stock.

As stated in a press release Charles River, the deal would create a global company that can provide a wide range of services to the world's largest pharmaceutical and biotechnology companies, as well as manufacturers of medical equipment.

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Charles River is now one of the world's largest suppliers of laboratory animals, with sales of approximately 1.2 billion dollars in 2009, the Chinese company carries out laboratory research in pharmaceutical chemistry. It employs four thousand employees, sales last year totaled about $ 270 million.

The new company will retain the name of Charles River, headed by its current leader of the American company, James Frost. The head of WuXi - Dr. Li Ge will be executive vice president and president for global research, and Chinese units.

Under the agreement, shareholders of the Chinese company will receive $ 10 in shares of Charles River and 11.25 dollars in cash. Premium to the closing price of shares of WuXi (16,57 dollars) is 28%.