Charles River acquires PPD unit assets

Charles River Laboratories International has signed an agreement to acquire the business and assets of Piedmont Research Center, a  wholly-owned subsidiary of PPD, for $46.0 million in cash. North  Carolina-based Piedmont Research Center provides preclinical discovery  services focused on efficacy studies in oncology and other therapeutic  areas for pharmaceutical and biotechnology clients. The purchase is  expected to be neutral to earnings per share on both a GAAP and non-GAAP  basis in 2009. The transaction is expected to close during the second  quarter, subject to customary conditions.

PRC offers non-Good Laboratory Practice preclinical efficacy testing  services with expertise in the key therapeutic area of oncology. The  company also provides 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.