Charles River Expands Global Footprint with Shanghai Facility Opening New Facility Positions Company as Premier Preclinical CRO in China
WILMINGTON, MASS., October 15, 2008 – (BUSINESS WIRE) – To support the growing demand from multinational pharmaceutical clients for outsourced drug development services, Charles River Laboratories International, Inc. (NYSE: CRL) today announced the opening of its 60,000 square foot preclinical facility in Shanghai. The new China facility positions Charles River as the strategic partner of choice to fully support clients’ global drug development needs.
“As our clients make their initial forays into China, we are creating a center of excellence that embodies global best practices alongside them,” said James C. Foster, President, Chairman and Chief Executive Officer of Charles River. “Our clients have come to appreciate and rely on the expertise Charles River brings to their drug development efforts, and the convenience of our facilities in close proximity. The same high standards of research, safety, humane care and good laboratory practices that globally distinguish Charles River are replicated in our Shanghai facility. Expanding into this arena is a marathon ― not a sprint ― and this facility marks the first step in our journey.”
Creating a Center of Excellence in China Due to its large population and increasingly educated workforce, China is an emerging market for global drug development. As China continues to evolve as a center of innovation in research and development, the new facility will help foster this culture by helping multinationals as well as local biopharmaceutical organizations accelerate their drug development programs. The new facility is expected to provide Good Laboratory Practice (GLP) services in the first quarter of 2009.
In addition, Charles River’s China facility will provide a wide range of services that are compliant with leading regulatory agencies including:
“The rapidly growing economy and native science talent position China as an emerging powerhouse in the life sciences industry. Charles River is making a key strategic investment in local resources and staff to support the drug development programs of both multinational and native biopharmaceutical organizations in China,” said Kewen Jin, General Manager, Charles River Shanghai.
An international group gathered to celebrate the opening of the facility including: academic leaders, senior government officials from China, and executives from multinational pharmaceutical companies and local biopharmaceutical organizations. The ceremony commenced with remarks from Charles River executives sharing ideas, plans and insights on the critical role China plays in drug development.
Selecting a Strategic PartnerIn March 2007, Charles River announced a joint venture with Shanghai BioExplorer Co., Ltd., a Shanghai, China-based provider of preclinical services, to form Charles River Preclinical Services Greater China. The joint venture is majority owned and controlled by Charles River. Additional details of the joint venture are outlined in the press release “Charles River Expands Global Reach.”
About Charles RiverAccelerating Drug Development. Exactly. Charles River provides essential products and services to help pharmaceutical and biotechnology companies, government agencies, and leading academic institutions around the globe accelerate their research and drug development efforts. Our more than 9,000 employees worldwide are focused on providing clients with exactly what they need to improve and expedite the discovery, development through first-in-human evaluation, and safe manufacture of new therapies for the patients who need them. To learn more about our unique portfolio and breadth of services, visit www.criver.com.
Caution Concerning Forward-Looking StatementsThis news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act 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., expectations regarding the timing of facility construction and the timing of services to be provided, 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 as filed on February 20, 2008, 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.
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