Charles River, Galapagos deal

Charles River will acquire the Argenta Discovery Ltd. and BioFocus DPI Ltd. drug discovery service divisions of Galapagos in a deal worth up to €134 million ($186.2 million). Galapagos will receive €129 million ($179.3 million) in cash and is eligible for €5 million ($6.9 million) in milestones tied to an undisclosed revenue target for the year after the deal closes. Argenta and BioFocus had combined 2013 revenues of €63 million ($87.5 million). The deal is slated to close early next quarter. David Smith, CEO of Galapagos Services, will join Charles River as VP of in vitro discovery services and lead Argenta and BioFocus. ...