Charles River rises after settlement with activist investor Elliott, 2025 forecast raise

Charles River Laboratories International

07/05/2025 13:33

Updates

** Contract research firm Charles River Laboratories' CRL.N shares rise 23.7% to $142.74 premarket

** Company says it has reached an agreement with activist investor Elliott Investment Management and added four new directors to its board

** Elliott's Global Head of Engagement Steven Barg will join the board along with three other independent directors who have expertise in the pharmaceutical industry, Reuters reported earlier on Wednesday

** Company also raises 2025 adj profit forecast to $9.30 to $9.80 per share, from $9.10 to $9.60 per share

** "We view this strategic action, coupled with a raise in guidance, positively given the political and industry pressures faced by the company in recent quarters"- brokerage Mizuho

** As of last close, stock down 37.5% YTD

(Reporting by Sriparna Roy and Sneha S K in Bengaluru)

((Sriparna.Roy@thomsonreuters.com))