Charles River Laboratories International, Inc. (NYSE:CRL) entered into a definitive agreement to acquire HemaCare Corporation (OTCPK:HEMA) for approximately $380 million on December 16, 2019. The consideration will be paid in cash. Charles River Laboratories will pay $25.4 per share of HemaCare. The acquisition and associated fees are expected to be financed through Charles River's existing credit facility and cash. HemaCare will become part of Charles River's Research Models and Services segment. The deal is subject to receipt of certain regulatory approvals and other customary closing conditions. The transaction has been approved by the Board of Directors of both Charles River and HemaCare, and certain of HemaCare's directors, officers, and shareholders, which collectively hold more than 50% of HemaCare's outstanding shares, have approved the transaction by written consent. The acquisition is expected to close early in the first quarter of 2020.

Based on the anticipated closing date, the acquisition is expected to add at least $50 million to Charles River's 2020 consolidated revenue, with estimated revenue growth of at least 30% annually over the next five years. The transaction is expected to be neutral to non-GAAP earnings per share in 2020, and increasingly accretive thereafter. BofA Securities is acting as financial advisor to Charles River. Michael Davis, Kyoko Takahashi Lin, William A. Curran and David R. Bauer of Davis Polk & Wardwell LLP is acting as the legal advisor and Axinn, Veltrop & Harkrider LLP acted as the antitrust counsel to Charles River. Raal Leclerc and Ryan Plusch of Jefferies LLC acted as the financial advisor and Drew Altman and David Wells of Greenberg Traurig, LLP acted as legal advisors to HemaCare.

Charles River Laboratories International, Inc. (NYSE:CRL) completed the acquisition of HemaCare Corporation (OTCPK:HEMA) on January 3, 2020. Under the transaction, the HemaCare team will be joining the Charles River family.