Charles River Laboratories International has entered into a definitive agreement to acquire WIL Research for $585 million in cash, subject to customary closing adjustments.

WIL Research is a premier provider of safety assessment and contract development and manufacturing (CDMO) services to biopharmaceutical and agricultural and industrial chemical companies worldwide. Acquiring WIL Research will enhance Charles River’s position as a global early-stage CRO by strengthening its ability to partner with global clients across the drug discovery and development continuum.

James Foster, chairman, president and chief executive officer of Charles River Laboratories, said, “WIL Research is an exceptional strategic fit for Charles River because it incorporates the key attributes we require in an acquisition: high-quality services, scientific expertise, complementary capabilities and access to growing end markets. The acquisition also will expand our geographic footprint, particularly in continental Europe, providing needed capacity to meet current and future demand and enabling Charles River to provide a broader range of services proximate to our global clients.”

The acquisition of WIL Research will enhance Charles River’s global footprint, scientific capabilities and access to growing end markets, which provides a compelling value proposition for both clients and shareholders.

In 2015, WIL Research is expected to report annual revenue of $215 million, an increase of 9% over 2014 on a constant-currency basis. The purchase price implies multiples of 12.9x non-GAAP EBITDA based on the estimated 2015 results, and 11x non-GAAP EBITDA based on the estimated 2016 results including operational synergies.

The transaction is expected to close early in the second quarter of 2016, subject to regulatory approvals and customary closing conditions.