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WILMINGTON, Mass.--(BUSINESS WIRE)--Aug. 27, 2007--Charles River Laboratories International, Inc. (NYSE: CRL) announced today that it intends to build a new facility in Sherbrooke, Quebec, to support the company's expanding Preclinical Services business. Located in the newly constructed Sherbrooke Biomedical Park, Charles River's newest facility will provide essential drug discovery and development services to the international pharmaceutical and biopharmaceutical industries.
When completed, the new facility will be approximately 300,000 square feet. Approximately 25 percent will be constructed in the first phase and is expected to be dedicated to one or two clients. The first phase is scheduled to be opened by the first quarter of 2009. Timing of construction of the remaining phases will be dependent on market demand. The Sherbrooke facility is ultimately expected to employ 1,000 people, who will work collaboratively with the 1,600 staff currently located in the company's Montreal facility.
James C. Foster, Chairman, President and Chief Executive Officer of Charles River Laboratories said, "We are very pleased to add this new project to our Preclinical Services expansion program. As customers choose strategic outsourcing as a means to improve the drug development process, they are increasingly turning to Charles River for our scientific expertise and the high-quality preclinical services we provide. This new facility will enable us to continue to support that demand from our global customers."
"Our goal was to identify a location similar to Montreal, equally convenient for our customers, where we could situate this new facility. Sherbrooke is ideal for many reasons, including its proximity to world-class educational institutions offering well-educated laboratory and life sciences graduates, as well as opportunities for collaborations and access to cutting-edge technology," said Christopher Perkin, Corporate Vice President and President, Canadian Preclinical Services. "We greatly appreciate the assistance of the government of Quebec, which is supporting this project, as we support our customers' efforts to bring drugs to market faster and more cost effectively."
Caution Concerning Forward-Looking Statements
This 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 construction of a new facility in Canada, including the timing of facility construction and eventual staffing levels, the likelihood of dedicated space arrangements, and future demand for products and services provided by Charles River at this facility. 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 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, 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 website at www.criver.com.
CONTACT: Charles River Laboratories
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Charles River Laboratories
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SOURCE: Charles River Laboratories International, Inc.