Story excerpt provided by Crain’s Cleveland Business.
Written by Scott Suttell.
ChanTest Corp., a Cleveland company that provides ion channel testing services, has been acquired by Wilmington, Mass.-based Charles River Laboratories International Inc.
Terms were not disclosed in a joint news release from ChanTest and Charles River, or in a separate release from Ampersand Capital Partners, ChanTest’s private equity owner.
However, Genetic Engineering & Biotechnology News reported that Charles River “agreed to pay ChanTest $52 million upfront, and another $2 million in payments tied to unspecified ‘future performance’ milestones,” putting the all-cash deal at up to $54 million.
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Originally published October 30, 2014.