Charles River Laboratories (NYSE:CRL) announced that it completed a $292.5 million acquisition of Vigene Biosciences.
Rockville, Md.-based Vigene, a gene therapy contract development and manufacturing organization (CDMO), develops viral vector-based gene delivery systems, with a primary area of expertise in CGMP viral vector manufacturing for gene therapies and gene-modified cell therapies.
According to a news release, the newly acquired company also provides high-quality research-grade and CGMP plasmid DNA offerings.
Wilmington, Mass.-based Charles River said in the release that the acquisition complements its existing cell and gene therapy contract manufacturing capabilities while establishing an end-to-end gene-modified cell therapy solution in the U.S.
Additionally, the company believes the purchase of Vigene will allow clients to seamlessly conduct analytical testing, process development and manufacturing for advanced modalities with the same scientific partner in an effort to facilitate greater efficiency and speed.
The $292.5 million acquisition remains subject to customary closing adjustments, while the transaction includes additional payments reaching up to $57.5 million, contingent on future performance. Vigene becomes a part of Charles River’s manufacturing solutions business segment.
“The addition of Vigene Biosciences’ extensive gene therapy capabilities further enhances Charles River’s position as a premier scientific partner for cell and gene therapies,” Charles River chairman, president & CEO James C. Foster said in the release. “It also accelerates our long-term revenue and earnings growth potential by expanding our portfolio in this emerging, high-growth market sector. We intend to continue to differentiate Charles River by delivering the scientific expertise and customizable approach required to support the complex needs of cell and gene therapy developers and innovators worldwide.
“Our goal is to become our clients’ scientific partner of choice for advanced drug modalities from discovery and non-clinical development to CGMP manufacturing.”