Charles River Labs ($CRL) spent $17 million to acquire Accugenix, a provider of contract microbial testing, looking to bolster its own detection portfolio.
Charles River says Accugenix is an industry leader in the identification of bacteria and fungi found in manufacturing facilities, and the company has invested in proprietary databases that allow it to ID more than 5,000 species of organisms. Folding Accugenix's know-how into Charles River's operations will provide clients with state-of-the-art microbial detection services, CEO James Foster said in a statement.
"Over the next several years, we intend to enhance our capabilities through both product extensions and acquisitions," Foster said. "We believe that execution of this strategy will advance our position as the market leader in endotoxin and microbial detection."
Last quarter, Charles River reported a 2.6% decline in research and services sales, and the company is looking to diversify its offerings to endure slow demand for CRO work. Earlier this month, Foster told investors that Charles River is bearing down on IT spending to woo customers, and that the investment has already paid off with a Big Pharma deal.
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