CIT/ABC Acquires Assets of LAB Research Inc.
Published: Apr 27, 2011
Through this acquisition, the newly created CIT-LAB group becomes one of the top five preclinical CROs, with consolidated sales of USD 103 million (EUR 74 million) and a staff of 830, spread over five sites in France (Evreux and Saint-Nazaire), Canada (Laval), Denmark (Lille Skensved) and Hungary (Veszprém). The financial details of the agreement were not disclosed.
CIT is an established player in the field of preclinical contract research with more than forty years of experience. The CIT-LAB group looks forward to fulfilling even more of the research outsourcing needs of its clients, especially in North America, thanks to LAB Research’s facilities based in Canada. The Scandinavian and Central Europe facilities are also a key asset since this broader geographical positioning will allow closer support for a larger number of customers, an important advantage for running projects successfully.
“With the acquisition of Lab Research, we seized a major opportunity to create a global player serving the pharmaceutical, biotechnology and chemical industries. At a time when the biggest industry companies are turning to global outsourcing agreements, the new CIT-LAB group will be a partner of choice thanks to its ability to carry out a broader range of studies and to provide scientific synergies between facilities,” said Dr. Jean-François Le Bigot, CIT and ABC Executive Chairman. “LAB Research’s three centers have experienced and dedicated scientific teams and modern facilities. Teams, facilities and implemented procedures meet the highest standards in preclinical R&D. They also offer a high level of ethics in terms of animal use, which was an important issue for us. The three LAB Research facilities provide “general services” in non-clinical safety assessment, and each has its own specialization, such as large animals in Canada, minipigs in Denmark or inhalation and ecotoxicology in Hungary. CIT’s own expertise is in large animals, carcinogenicity, genetic toxicology, reprotoxicology and genomics/biomarkers. Each center will retain a local management team in order to make sure that our clients can benefit from reactivity and flexibility. We will encourage exchanges and sharing of best practices between facilities in common disciplines. When specific expertise is needed for a project, the client will benefit from an access to the experts and techniques from all sites. Lastly, our new size and cumulative scientific expertise will allow us to set up and validate new technologies more quickly. This is essential, in particular to evaluate the most innovative products.”
Synergis Capital Inc. acted as M&A advisor and BCF LLP as legal counsel on behalf of ABC in connection with this transaction.
About CIT Health & Safety Research Company http://www.citox.com
CIT is a science-driven, independent, non-clinical contract research organization (CRO) specialized in safety and health research. Founded in 1969, CIT has carried out a vast number of projects for international companies on human and veterinary pharmaceuticals, biotechnology, chemicals, agrochemicals and consumer products. It has contributed to many product registrations around the world. CIT offers a full range of research in general toxicology, reproductive toxicology, carcinogenicity, pharmacokinetics and safety pharmacology. The company also carries out research into genetic toxicology, in vitro testing and toxicogenomics. Its 20,000 sq m (215,000 sq ft) facilities located in Normandy, one hour from Paris, France, house all principal laboratory animal species to the highest standards. Laboratory facilities include analytical chemistry and bioanalysis, clinical pathology, genomics and histology. Support facilities include archives and plant buildings. The company is GLP and AAALAC certified. More than half the company’s business comes from international customers. Overall, 80 percent of revenues are in the pharmaceutical and biotechnology sector. Biotechnology and start-up companies alone account for 50 percent. The company has a world class team of top level management in scientific, financial and business activities.
About LAB Research Inc. http://www.labresearch.com
LAB Research is a Canadian global non-clinical contract research organization that provides contract research services to the pharmaceutical, biotechnology, agro-chemical, petrochemical and industrial markets. LAB Research supports the development of its customers’ products from three state-of-the-art facilities located in Canada, Denmark and Hungary. Mark Tidmarsh
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