Charles River Laboratories International (NYSE:[[ticker:CRL]]), a provider of lab mice and drug research services, said yesterday that it nixed its plans to acquire the China-based contract research juggernaut WuXi PharmaTech (Cayman) (NYSE:[[ticker:WX]]) for $1.6 billion due to lack of support for the deal among its shareholders. Wilmington, MA-based Charles River is paying WuXi a $30 million breakup fee. In the meantime, its board of directors has authorized the repurchase of $500 million in Charles River stock.
Author: Ryan McBride
Ryan is an award-winning business journalist who contributes to our life sciences and technology coverage. He was previously a staff writer for Mass High Tech, a Boston business and technology newspaper, where he and his colleagues won a national business journalism award from the Society of American Business Editors and Writers in 2008. In recent years, he has made regular TV appearances on New England Cable News.
Prior to MHT, Ryan covered the life sciences, technology, and energy sectors for Providence Business News. He graduated with honors from the University of Rhode Island in 2001 with a bachelor’s degree in communications. When he’s not chasing down news, Ryan enjoys mountain biking and skiing in his home state of Vermont.
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