CHARLES RIVER LABORATORIES TO ACQUIRE COGNATE BIOSERVICES TO CREATE A PREMIER SCIENTIFIC PARTNER FOR CELL AND GENE THERAPY DEVELOPMENT - Significantly Expands Charles River's Scientific Capabilities in the H

RIVER LABORATORIES TO ACQUIRE

COGNATE BIOSERVICES TO CREATE

A PREMIER SCIENTIFIC PARTNER

FOR CELL AND GENE THERAPY DEVELOPMENT

Significantly Expands Charles River's Scientific Capabilities

in the High-Growth Cell and Gene Therapy Sector -

Combines Cognate's Comprehensive Cell and Gene Therapy

CDMO Capabilities to Establish an Integrated Solution from

Discovery through CGMP Manufacturing -

WILMINGTON, MA, February 17,

2021 - Charles River Laboratories International, Inc. (NYSE: CRL) announced today that it has signed a definitive agreement

to acquire Cognate BioServices, Inc., a premier, cell and gene therapy contract development and manufacturing organization (CDMO),

for approximately $875 million in cash, subject to customary closing adjustments. The transaction is expected to close by the

end of the first quarter of 2021, subject to regulatory requirements and customary closing conditions.

James C. Foster, Chairman, President

and Chief Executive Officer of Charles River Laboratories, commented, "Cognate BioServices presents a unique opportunity

to expand into a high-growth, value-added sector of the CDMO market and enhance our ability to meet our clients' needs in

emerging areas of scientific innovation. This acquisition will be an exceptional strategic fit, adding to our comprehensive suite

of early-stage research and manufacturing support solutions and enabling us to achieve our goal of establishing a single scientific

partner to provide biopharmaceutical clients with an integrated solution to help accelerate their cell and gene therapy programs

from discovery and non-clinical development through commercialization."

"Because of the synergistic

fit with Charles River, the market growth potential, and the emerging role of advanced drug modalities as treatments for oncology

and rare disease, we believe Cognate will meaningfully enhance our long-term revenue and earnings growth potential. We look forward

to welcoming Cognate's dedicated employees to the Charles River family," Mr. Foster concluded.

Cognate is a premier, cell and

gene therapy CDMO offering comprehensive manufacturing solutions for cell therapies, as well as for production of plasmid DNA

and other inputs in the CDMO value chain. The planned acquisition will establish Charles River as a premier scientific partner

for cell and gene therapy development, testing, and manufacturing, providing clients with an integrated solution from basic research

and discovery through CGMP

production. Cognate has extensive

experience producing various cell types and technologies used in cellular immunotherapy and immuno-oncology, regenerative medicine,

and advanced cell therapy. Headquartered in Memphis, Tennessee, Cognate has operations in North America and Europe with over 500

The acquisition of Cognate will

expand Charles River's scientific capabilities into the emerging, high-growth cell and gene therapy CDMO sector, establishing

a comprehensive solution from discovery and non-clinical development through CGMP manufacturing in advanced drug modalities.

Cognate will be particularly

synergistic with the Company's Biologics Testing Solutions business. It will enable clients to seamlessly conduct analytical

testing, process development, and manufacturing for advanced modalities with the same scientific partner, enabling them to achieve

their goal of driving greater efficiency. Clients will also have access to the Company's cellular products as the starting

point for their cell therapy programs and will be able to work with Charles River through every step of the research and early-stage

development process before moving into CGMP production with Cognate, accelerating clients' speed to market for advanced

to grow at least 25%

annually over the next five years. With a significant portion of cell and gene therapy programs in the preclinical phase, demand

for Cognate's services is expected to intensify as more of these programs progress into late-stage development and commercialization.

Additional Financial and

Based on the anticipated completion

of the acquisition by the end of the first quarter, Cognate is expected to add approximately $110 million to Charles River's

2021 consolidated revenue for the partial year. The transaction is expected to be neutral to non-GAAP earnings per share in 2021,

and accretive thereafter. Items excluded from non-GAAP earnings per share are expected to include all acquisition-related costs,

which primarily include amortization of intangible assets, advisory fees, certain costs associated with efficiency initiatives,

and certain third-party integration costs.

The acquisition and associated

fees are expected to be financed through Charles River's existing credit facility and cash. The Company is evaluating further

optimizing its debt structure which could be used to finance the acquisition and for general corporate purposes.

Cognate is expected to be reported

as part of Charles River's Manufacturing Support segment.

Advisors and Cognate Ownership

Gordon Dyal & Co., LLC is

acting as the exclusive financial advisor to Charles River. Davis Polk & Wardwell LLP is acting as Charles River's transactional

legal counsel, and Weil, Gotshal & Manges LLP is acting as antitrust counsel. Dark Horse Consulting Group, Inc. is acting

as Charles River's strategic advisor.

Cognate is supported by its majority

shareholder, EW Healthcare Partners, as well as minority shareholders, Medivate Partners, BlackRock, and a sovereign wealth fund.

Morgan Stanley & Co. LLC is acting as the exclusive financial advisor and Kirkland & Ellis LLP is acting as legal counsel

to Cognate and its shareholders.

Use of Non-GAAP Financial

This news release contains non-GAAP

financial measures, such as non-GAAP earnings per diluted share, which exclude the amortization of intangible assets, integration

costs, advisory fees, and other charges related to our acquisitions and expenses associated with evaluating acquisitions. We exclude

these items from the non-GAAP financial measures because they are

outside our normal operations.

There are limitations in using non-GAAP financial measures, as they are not prepared in accordance with generally accepted accounting

principles, and may be different than non-GAAP financial measures used by other companies. In particular, we believe that the

inclusion of supplementary non-GAAP financial measures in this news release helps investors to gain a meaningful understanding

of our core operating results and future prospects without the effect of these often-one-time charges, and is consistent with

how management measures and forecasts the Company's performance, especially when comparing such results to prior periods or forecasts.

We believe that the financial impact of our acquisitions (and in certain cases, the evaluation of such acquisitions, whether or

not ultimately consummated) is often large relative to our overall financial performance, which can adversely affect the comparability

of our results on a period-to-period basis. In addition, certain activities, such as business acquisitions, happen irregularly

and the underlying costs associated with such activities do not recur on a consistent basis. Non-GAAP results also allow investors

to compare the Company's operations against the financial results of other companies in the industry who similarly provide

non-GAAP results. The non-GAAP financial measures included in this news release are not meant to be considered superior to or

a substitute for results of operations prepared in accordance with GAAP. The Company intends to continue to periodically assess

the potential value of reporting non-GAAP results consistent with applicable rules and regulations. A reconciliation of the effect

of this transaction on non-GAAP earnings per share for 2021 to the most directly comparable GAAP financial measure has not been

included because it is impracticable to determine the allocation of the purchase price for the proposed acquisition and other

necessary adjustments at this time.

Caution Concerning Forward-Looking

This news release includes forward-looking

statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified

by the use of words such as "anticipate," "believe," "expect," "will," "may,"

"estimate," "plan," "outlook," and "project" and other similar expressions that

predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements include

statements in this news release regarding the acquisition of Cognate BioServices, expectations regarding the timing of the closing

of the acquisition, and Charles River's expectations with respect to the impact of Cognate on the Company, its product and

service offerings, client perception, revenue, revenue growth rates, and earnings per share; Charles River's projected future

performance including revenue and earnings per share; as well as Charles River's future growth in the area of cell and gene

therapy CDMO services. Forward-looking statements are based on Charles River's current expectations and beliefs, and involve

a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from