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CRL

Charles River

$101.99

2.22 (2.23%)

07:02
02/13/18
02/13
07:02
02/13/18
07:02

Charles River to acquire MPI research for $800M in cash

Charles River Laboratories International announced that it has entered into a definitive agreement to acquire MPI Research for approximately $800M in cash, subject to customary closing adjustments. MPI is a premier non-clinical contract research organization providing comprehensive testing services to biopharmaceutical and medical device companies worldwide. Acquiring MPI will enhance Charles River's position as a leading global early-stage CRO by strengthening its ability to partner with clients across the drug discovery and development continuum. For 2017, MPI is expected to generate annual revenue of approximately $240M. The purchase price implies multiples of 11.7x non-GAAP EBITDA based on the estimated 2017 results, and approximately 10.5x non-GAAP EBITDA based on the estimated 2018 results including operational synergies. The transaction is expected to close early in the second quarter of 2018, subject to regulatory approvals and customary closing conditions. The acquisition is expected to add $170M to $190M to Charles River's 2018 consolidated revenue based on the anticipated timing of the close, and $260M to $280M to 2019 consolidated revenue. MPI is expected to be reported as part of Charles River's Discovery and Safety Assessment segment. The transaction is expected to be accretive to non-GAAP earnings per share by approximately 25c in 2018 and approximately 60c in 2019. The Company expects to generate operational synergies as a result of the acquisition, with benefits totaling $13M to $16M by the end of 2019. Items excluded from non-GAAP earnings per share are expected to include all acquisition-related costs, which primarily include amortization of intangible assets, certain costs associated with efficiency initiatives, advisory fees, certain third-party integration costs, and the write-off of deferred financing costs and fees related to debt financing. The acquisition and associated fees are expected to be financed through an expansion of Charles River's credit facility and cash. The Company is evaluating fixed-rate debt financing alternatives which could be used to finance the acquisition and for general corporate purposes.

  • 13

    Feb

CRL Charles River
$101.99

2.22 (2.23%)

12/13/17
12/13/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Lowe's (LOW) initiated with a Buy at Guggenheim. 2. Aimmune (AIMT) initiated with an Overweight at Cantor Fitzgerald. 3. Westlake Chemical (WLK) reinstated with a Buy at Deutsche Bank. 4. Wabtec (WAB) initiated with an Outperform at Cowen. 5. Charles River (CRL) initiated with a Buy at Argus. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
01/18/18
EVER
01/18/18
INITIATION
Target $117
EVER
In Line
Charles River initiated with an In Line at Evercore ISI
Evercore ISI started Charles River with an In Line rating and $117 price target.
01/22/18
RHCO
01/22/18
DOWNGRADE
RHCO
Hold
Charles River downgraded to Hold from Buy at SunTrust
01/22/18
RHCO
01/22/18
DOWNGRADE
Target $111
RHCO
Hold
Charles River downgraded to Hold at SunTrust on valuation
As reported earlier, SunTrust analyst Sandy Draper downgraded Charles River to Hold from Buy and lowered his price target to $111 from $113 as part of his broader "CRO Universe 2018 preview" research note. Draper says that while the momentum of a strong CRO industry carries into 2018, the PE valuations are now ahead of the 2- and 5-year averages, and the year should be "largely contingent on underlying earnings generation rather than further multiple expansion". For Charles River, Draper says the valuation "no longer excites us", adding there are downside risks from "weaker demand from large pharma due to less outsourcing or consolidation" as well as cost inflation margin pressure.

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