Charles River, with the help of the acquisition, will provide research models and associated services for drug discovery and development in China.
Charles River Laboratories chairman, president, and chief executive officer James Foster said Charles River expects demand for research models in China to grow along with expansion in drug development initiatives in academia, government and biopharmaceutical companies.
”Through our acquisition of Vital River, Charles River intends to set the standards for research models in China, the third-largest pharmaceutical market in the world, and play a leading role in this emerging opportunity, " Foster added.
The agreement, which is expected to close in the first quarter of 2013, also provides an option for Charles River to acquire the remaining 25% of Vital River in future.