Date: 2011-04-27
Type of information: Company acquisition
Acquired company: Lab Research (Canada)
Acquiring company: CIT Safety & Health Research Laboratories (CIT) (France)
Amount: undisclosed
Terms: * On April 27, 2011, Applied Biology Company (ABC), the holding company of CIT Safety & Health Research Laboratories (CIT), a leading player among European preclinical CROs, announced the purchase of substantially all of the assets of LAB Research Inc. (LAB Research), consisting of three facilities located in Canada, Denmark and Hungary. Through this acquisition, the newly created CIT-LAB group becomes one of the top five preclinical CROs, with consolidated sales of $ 103 million (€ 74 million) and a staff of 830, spread over five sites in France (Evreux and Saint-Nazaire), Canada (Laval), Denmark (Lille Skensved) and Hungary (Veszprém). The financial details of the agreement were not disclosed. Synergis Capital Inc. acted as M&A advisor and BCF LLP as legal counsel on behalf of ABC in connection with this transaction.
Details: CIT is an established player in the field of preclinical contract research with more than forty years of experience. The CIT-LAB group looks forward to fulfilling even more of the research outsourcing needs of its clients, especially in North America, thanks to LAB Research’s facilities based in Canada. The Scandinavian and Central Europe facilities are also a key asset since this broader geographical positioning will allow closer support for a larger number of customers, an important advantage for running projects successfully. CIT offers a full range of research in general toxicology, reproductive toxicology, carcinogenicity, pharmacokinetics and safety pharmacology. The company also carries out research into genetic toxicology, in vitro testing and toxicogenomics. Its 20,000 sq m (215,000 sq ft) facilities located in Normandy, one hour from Paris, France, house all principal laboratory animal species to the highest standards. Laboratory facilities include analytical chemistry and bioanalysis, clinical pathology, genomics and histology. Support facilities include archives and plant buildings. The company is GLP and AAALAC certified. More than half the company’s business comes from international customers. Overall, 80 percent of revenues are in the pharmaceutical and biotechnology sector. Biotechnology and start-up companies alone account for 50 percent. The company has a world?class team of top?level management in scientific, financial and business activities.
Related: CRO
