Charles River Laboratories Expands Global Reach to China.- Signs Joint Venture Agreement with Chinese Partner - - Plans to Construct 50,000-Square-Foot Preclinical Facility in Shanghai - WILMINGTON, Mass. -- Charles River Charles River River, eastern Massachusetts, U.S. The longest river wholly in the state, it flows into Boston Bay after a course of about 80 mi (130 km). Navigable for about 7 mi (11 km), its estuary separates the cities of Boston and Cambridge. Laboratories International, Inc. (NYSE NYSE See: New York Stock Exchange :CRL CRL - Carnegie Representation Language. Carnegie Group, Inc. Frame language derived from SRL. Written in Common LISP. Used in the product Knowledge Craft. ) announced today the expansion of its global footprint in Asia as part of its strategy to support customers' research and development efforts in this rapidly growing market. As pharmaceutical and biotechnology companies Top 100 Biotechnology Companies The following is a list of the top 100 biotechnology companies ranked by revenue. The first nine companies qualify for the list of the top 50 pharmaceutical companies. increase their presence in Asia, Charles River intends to remain the strategic partner of choice to fully support customers' global needs from drug discovery through proof of concept. The first phase of this expansion includes the signing of a joint venture agreement with Shanghai BioExplorer Co., Ltd., a Shanghai, China-based provider of preclinical services, to form Charles River Laboratories Preclinical Services - China. The joint venture will be majority owned and controlled by Charles River. The transaction is subject to customary closing conditions, including Chinese regulatory approval, and is expected to close by the end of the second quarter of 2007. As part of this agreement, Charles River will construct a 50,000-square-foot preclinical services facility in Shanghai. The facility, which is expected to open in mid-2008, will provide a wide range of discovery and development services, including GLP See gateway location protocol. and non-GLP toxicology toxicology, study of poisons, or toxins, from the standpoint of detection, isolation, identification, and determination of their effects on the human body. Toxicology may be considered the branch of pharmacology devoted to the study of the poisonous effects of drugs. studies. These services will meet the U.S. Food and Drug Administration's and Charles River's standards for quality, as well as Charles River's stringent animal welfare policies. Charles River intends to use its own research models in the new Shanghai facility, which the Company believes will enhance the quality of the studies performed there. James C. Foster James Clifford Foster is the chairman and chief executive officer of Charles River Laboratories, Inc., an international company that works on the drug discovery and development process. , Chairman, President, and Chief Executive Officer of Charles River Laboratories, commented, "Charles River Laboratories intends to be the leading global contract research organization to provide preclinical services in China that are compliant with international regulatory agencies regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. . This exciting project is the next step in a strategy that demonstrates our continued commitment to invest in the growth of our business and to support our global customer base. We expect demand for both research models and preclinical services in Asia to significantly increase over the next several years as pharmaceutical and biotechnology companies expand their research efforts in this market, and we intend to play a leading role in this emerging opportunity." Caution Concerning Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "expect," "will," "may," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements include the statements in this press release regarding Charles River's expectation regarding the prospects of the joint venture with Shanghai BioExplorer Co., Ltd., including expectations regarding the eventual closing of the joint venture, the timing of facility construction, opportunities for the preclinical business generated by this arrangement and future demand for products and services provided by Charles River and the joint venture. Forward-looking statements are based on Charles River's current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A further description of these risks, uncertainties, and other matters can be found in the Risk Factors detailed in Charles River's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. as filed on February 27, 2007, as well as other filings we make with the Securities and Exchange Commission. Charles River assumes no obligation and expressly disclaims any duty to update information contained in this release except as required by law. About Charles River Laboratories Charles River Laboratories, based in Wilmington, Massachusetts For other towns and places named Wilmington, see Wilmington. Wilmington is a town in Middlesex County, Massachusetts, United States. The population was 21,363 at the 2000 census. , partners with global pharmaceutical and biotechnology companies, government agencies, and leading academic institutions to advance the drug discovery and development process, bringing drugs to market faster and more efficiently. Charles River's 8,000 employees serve clients worldwide. For more information on Charles River, visit our web site at www.criver.com. |
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