HemaCare Acquired for $380 Million

HemaCare Corp. on Monday announced it will be acquired by Charles River Laboratories for $380 million in cash. The Northridge company, which provides human blood and immune cells for medical therapies and research, has been a strategic partner to Massachusetts-based Charles River Laboratories since February 2018. The acquisition, expected to close in the first quarter of next year, will create a “unique, comprehensive solution for cell therapy developers and manufacturers worldwide,” Charles River Labs said in a statement. The proposed purchase price equates to $25.40 per HemaCare share, representing a 27 percent premium to HemaCare’s closing price on Dec. 13 and a 33 percent premium to its stock price over the last 60 trading days. HemaCare will add at least $50 million to Charles River’s 2020 consolidated revenue, with an estimated 30 percent growth annually in the next five years. “We are very pleased to be joining the Charles River team, which is widely recognized as the industry-leading, early-stage contract research organization,” Pete van der Wal, chief executive of HemaCare, said in a statement. “Partnering with Charles River will strengthen the value proposition for our clients, enabling them to work seamlessly with one scientific partner to enhance the speed and efficiency with which they can advance their cell therapies. The transaction will offer compelling value to our shareholders. This is an exciting day that will usher in a new era for HemaCare and my talented colleagues.” Shares of HemaCare (HEMA) closed Monday up $5.08, or 25.4 percent, to $25.08 on the over-the-counter market.