Charles River Laboratories International Inc. (NYSE:CRL) announced this week that its research models and preclinical services, hand in hand with shuffling its executive deck to drive growth.
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MassDevice keeps a close eye on public medical device companies, tracking their quarterly sales and earnings reports. For the most recent filings, check out our Earnings Roundup, where we collect each quarter’s reports.
Here’s a quick rundown of a few releases over the past couple days:
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MassDevice keeps a close eye on public medical device companies, tracking their quarterly sales and earnings reports. For the most recent filings, check out our Earnings Roundup, where we collect each quarter’s reports.
Here’s a quick rundown of a few releases over the past couple day:
Charles River Labs looks to trim the fat
Charles River Laboratories International Inc. (NYSE:CRL) launched a cost-cutting plan to raise value for its shareholders.
The Wilmington, Mass.-based contract research organization is planning to sell off certain clinical assets and raised its guidance for 2010.
Transposagen licenses Charles River rats
Transposagen Biopharmaceuticals Inc. signed an exclusive licensing deal with Charles River Laboratories International Inc. (NYSE:CRL) for lab rats.
Under the agreement, Wilmington, Mass.-based Charles River will market and distribute the Lexington, Ky.-based lab rat developer’s p53 and Bcrp TGEM Knockout rat models, so named for mutations in their p53 and Bcrp genes.
Charles River Labs accelerates stock buyback, inks $750M credit agreement
Charles River Laboratories International Inc. (NYSE:CRL), fresh from the collapse of a proposed, $1.6 billion merger with WuXi PharmaTech (Cayman) Inc. (NYSE:WX), plans to accelerate a $300 million stock buyback and took out a $750 million credit line.
The Wilmington, Mass.-based contract research organization said the repurchasing plan will see it buy back 6 million shares initially, with the final number to be determined based on a discounted price based on its daily volume-weighted average price during a a six-month-or-less period as determined by Morgan Stanley & Co. Inc., which is brokering the buyback.
Another tough quarter for Charles River Labs
The second quarter at Charles River Laboratories International Inc. (NYSE:CRL) was by all accounts disappointing and things may only get worse.
The clinical research organization on Monday said net income during the three months ended June 30 was $14.5 million, down from a $34.2 million profit during the same quarter last year. Revenues also fell, sliding 5.2 percent to $292.1 million. Revenues in the company’s pre-clinical segment fell $17.5 million to $125 million, more than overwhelming a $2 million rise for the research models and services division.
CRL spikes $1.6 billion WuXi merger over shareholder concerns
Charles River Laboratories International Inc. (NYSE:CRL) will leave WuXi PharmaTech (Cayman) Inc. (NYSE:WX) at the altar and take its $1.6 billion dowry with it, after failing to convince shareholders that the union was in the best interest of the company.
The Wilmington, Mass.-based contract research organization said it has agreed to terminate the proposed deal and will pay a $30 million break-up fee.
Second proxy advisory firm backs Charles River Labs/WuXi merger
Another proxy advisory firm is backing the proposed, $1.6 billion merger between WuXi PharmaTech (Cayman) Inc. (NYSE:WX) and Charles River Laboratories International Inc. (NYSE:CRL), which has drawn opposition from some of CRL’s top investors.
RiskMetrics Group’s ISS Proxy Advisory Services recommended that WuXi shareholders vote for the acquisition of WuXi.
Top CRL investor unpersuaded on WuXi merger
It’s been a busy week for everyone concerned with a proposed, $1.6 billion merger between Charles River Laboratories International Inc. (NYSE: CRL) and WuXi PharmaTech (Cayman) Inc. (NYSE:WX).
Aiming to counter stiff opposition from some of its top institutional investors, Charles River Labs issued a revised presentation this week highlighting the benefits of the deal and touted a proxy advisory firm’s support for the merger.
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