ARTICLE | Company News

Charles River, Inveresk Research Group Inc. deal

July 5, 2004 7:00 AM UTC

CRL will acquire IRGI, a CRO, in a stock and cash deal worth $1.5 billion based on CRL's June 30 closing price of $48.87. IRGI shareholders will receive 0.48 shares of CRL common stock and $15.15 in cash for each IRGI share, for a total of $38.61 per share. CRL shareholders will own about 73% of the company, and IRGI shareholders will own about 27%. The deal is expected to close in the fourth quarter.

CRL said the deal will allow it to provide R&D services from early discovery through Phase IV development. For 2003, CRL posted $613.7 million in sales, while IRGI posted revenue of $272.5 million. CRL said the combination will create a company with about $920 million in revenues based on the 12 months ended March 2004. ...