HemaCare to be acquired by Charles River Laboratories for $380m
Charles River acquisition of HemaCare : Charles River Laboratories International, an early-stage contract research organization, has agreed to acquire HemaCare for about $380 million in an all-cash deal, as per the latest pharma acquisition news.
HemaCare is engaged in the production of human-derived cellular products for the cell therapy market. The company provides critical biomaterials, including a wide variety of human primary cell types, and also cell processing services to help in the discovery, development, and manufacture of cell therapies, including autologous (patient-derived cells) and allogeneic (donor-derived cells) programs.
Charles River Laboratories said that the combination of HemaCare and its integrated, early-stage portfolio of discovery, manufacturing support services, and safety assessment will result in a unique, comprehensive solution for cell therapy developers and manufacturers across the world to help speed up their critical programs from basic research and proof-of-concept to regulatory approval and also commercialization.
Commenting on Charles River acquisition of HemaCare, James C. Foster – Chairman, President and CEO of Charles River Laboratories, said: “Cell and gene therapies are important new modalities, with an estimated 10 to 20 new product approvals per year within five years. In order to continue to enhance our ability to support our clients’ research efforts, particularly in biologics discovery and development, we are expanding our scientific capabilities in this emerging, high-growth market with the acquisition of HemaCare.
“HemaCare advances the development of life-saving cell therapies through the use of its high-quality cellular products that represent critical inputs to these therapeutics. The addition of HemaCare’s innovative cell therapy products and services to our integrated, early-stage solutions will create a unique, go-to partner for clients to work with Charles River across a comprehensive cell therapy portfolio from idea to novel therapeutic.”
Post-acquisition, HemaCare is likely to be reported as part of the Research Models and Services segment of Charles River Laboratories, which is acquiring the former for $25.40 per share.
Pete van der Wal – President and CEO of HemaCare, commenting on Charles River acquisition of HemaCare, said: “Partnering with Charles River will strengthen the value proposition for our clients, enabling them to work seamlessly with one scientific partner to enhance the speed and efficiency with which they can advance their cell therapies.
“The transaction will offer compelling value to our shareholders. This is an exciting day that will usher in a new era for HemaCare and my talented colleagues.”
BofA Securities is the financial advisor to Charles River Laboratories, while Davis Polk & Wardwell LLP is the transactional legal counsel, and Axinn, Veltrop & Harkrider is the antitrust counsel. Jefferies is the financial advisor to HemaCare, while Greenberg Traurig is its transactional legal counsel.
The closing of Charles River acquisition of HemaCare, which is subject to certain regulatory approvals and other customary closing conditions, is likely to occur early in Q1 2020.