Charles River Laboratories International Inc. has agreed to acquire biological services provider HemaCare Corp. for $380 million in cash.

Wilmington, Mass.-based Charles River, a contract research company, is paying $25.40 per share, a 27% surplus to HemaCare's stock closing price Dec. 13.

HemaCare produces human cellular products, which support medical research and drug development, for use in the cell therapy market. Charles River said the acquisition will complement its portfolio of early-stage research and manufacturing products. The company expects the acquisition, which is expected to close in the first quarter of 2020, to increase revenue by at least 30% annually over the next five years.

The deal will be financed through Charles River's existing credit facility and cash.

BofA Securities is acting as Charles River's financial adviser, while Davis Polk & Wardwell LLP is providing transactional legal counsel and Axinn Veltrop & Harkrider LLP is acting as antitrust counsel. Jefferies LLC is acting as HemaCare's financial adviser, and Greenberg Traurig LLP is transactional legal counsel.

S&P Global Ratings downgraded Charles River's issuer credit rating to BB+ in May following the April acquisition of Citoxlab.