Charles River drops $510M to bag non-clinical CRO; Magpie raises $14.8M Series B to modernize traditional Chinese meds
→ The early-stage specialists at Charles River Laboratories are adding a team of non-clinical CRO experts to their team with a $510 million (€448 million) acquisition of Citoxlab. Coming a year after Charles River’s last big cash buyout — where it dished out $800 million for MPI Research — the deal is designed to beef up the Wilmington, MA-based company’s toxicology, discovery, genomics and medical device testing services while expanding its footprint in Europe. Shareholders should expect non-GAAP earnings per share accretion of around $0.15 in 2019 after the transaction wraps in the second quarter of this year, Charles River said.
→ Touting the promise of modernizing traditional Chinese medicines, Guangzhou-based Magpie Pharmaceuticals has raised $14.8 million from Sangel Capital to propel development of its modified natural products including drugs for Parkinson’s and diabetes, China Money Network reports. The Series B follows earlier financing from Beijing Prudential Capital and Wonderland Capital.