Charles River Laboratories Completes the Acquisition of Citoxlab

WILMINGTON, Mass.–(BUSINESS WIRE)–lt;a href="https://twitter.com/search?q=%24CRL&src=ctag" target="_blank"gt;$CRLlt;/agt; lt;a href="https://twitter.com/hashtag/acquisitions?src=hash" target="_blank"gt;#acquisitionslt;/agt;–Charles River Laboratories International, Inc. (NYSE: CRL) announced
today that it has completed the previously announced acquisition of
Citoxlab for €448 million in cash (or approximately $500 million based
on current exchange rates), subject to customary closing adjustments.

Citoxlab is a premier, non-clinical contract research organization
(CRO), specializing in regulated safety assessment services,
non-regulated discovery services, and medical device testing. With
operations in Europe and North America, the acquisition of Citoxlab will
further strengthen Charles River’s position as the leading, global,
early-stage CRO by expanding its scientific portfolio and geographic
footprint, which will enhance the Company’s ability to partner with
clients across the drug discovery and development continuum.

James C. Foster, Chairman, President and Chief Executive Officer of
Charles River Laboratories, commented, “Citoxlab’s complementary service
offering and geographic footprint are an excellent strategic fit and
will enable us to enhance the support we can provide for our clients’
early-stage research efforts. The addition of Citoxlab’s talented staff,
extensive scientific capabilities, and client-centric approach
solidifies our leading position in the outsourced safety assessment
market at a time when we believe there is and will continue to be
significant client demand for these outsourced services. We are pleased
to welcome the exceptional team at Citoxlab to the Charles River family,
and look forward to working together to help our clients discover and
develop new drugs for the patients who need them.”

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 news release
regarding the acquisition of Citoxlab and Charles River’s expectations
with respect to the impact of Citoxlab on Charles River, its service
offerings, client perception, revenue, revenue growth rates, and
earnings; Charles River’s projected future performance including revenue
and earnings per share; Charles River’s expected operational synergies;
as well as Charles River’s future growth in the area of safety
assessment. 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. Those risks and uncertainties include, but
are not limited to, the ability to successfully integrate the
acquisition of Citoxlab. 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 13, 2019, as well as other filings we make with the Securities
and Exchange Commission. Because forward-looking statements involve
risks and uncertainties, actual results and events may differ materially
from results and events currently expected by Charles River, and Charles
River assumes no obligation and expressly disclaims any duty to update
information contained in this news release except as required by law.

About Charles River

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.

Contacts

Investor Contact:
Todd Spencer
Corporate Vice President,
Investor Relations
781.222.6455
[email protected]

Media Contact:
Amy Cianciaruso
Corporate Vice President,
Public Relations
781.222.6168
[email protected]