Charles River Laboratories and WuXi PharmaTech, Inc. have decided to terminate their previously announced acquisition agreement. Under the termination agreement, Charles River will pay WuXi a $30 million breakup fee for full satisfaction of the parties’ obligations under the acquisition agreement. Charles River also announced that its board of directors has authorized a new $500 million stock repurchase program.

James C. Foster, chairman, president and chief executive officer said, “We believed that this transaction, which would have created the premier early-stage CRO, would have resulted in long-term strategic benefits for our business and our shareholders. We also value our stockholders’ views and given their concerns about the proposed transaction, and our commitment not to proceed without their support, we have decided that terminating the transaction is the appropriate action to take. Although we are disappointed in the outcome of the proposed transaction, our overall strategy remains unchanged. We intend to be the premier early-stage CRO and will continue to build our early development capabilities, specifically our discovery services.”