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news.Charles River Laboratories International, a provider of advanced drug discovery and development process solutions, has signed an agreement to acquire the business and assets of Piedmont Research Center, a provider of preclinical discovery services, and a wholly-owned subsidiary of PPD, a contract research organization, for $46 million in cash.
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The transaction is expected to close during the second quarter of 2009, subject to customary closing conditions.
Piedmont Research Center (PRC) offers non-Good Laboratory Practice preclinical efficacy testing services with expertise in the key therapeutic area of oncology.
The company also offers a range of other in vivo, in vitro and analytical services to supplement its core pharmacology offering. PRC, which will continue to operate from its North Carolina headquarters, will significantly expand the oncology expertise offered through Charles River discovery and imaging services.
James Foster, president and CEO of Charles River Laboratories, said: “The addition of PRC’s expertise, particularly in oncology, expands Charles River discovery and imaging services’s portfolio of efficacy testing services to better support our clients’ needs.”