PRINCETON, N.J., Oct. 29 /PRNewswire-FirstCall/ — Covance Inc
(NYSE:
CVD) today announced that it has closed its transactions with
sanofi-aventis to become its R&D partner over the next 10 years
and to purchase sanofi-aventis’ Porcheville, France and Alnwick,
United Kingdom sites. Covance has assumed control of the
Porcheville and Alnwick sites and all sanofi-aventis employees
transferred on that date at both facilities are now Covance
employees. The transaction, first announced on September 30,
is expected to generate estimated revenues ranging from $1.2
billion to $2.2 billion over the course of the agreement.
Covance, with headquarters in Princeton, New Jersey, is one of
the world’s largest and most comprehensive drug development
services companies with annual revenues greater than $1.8 billion,
global operations in more than 30 countries, and more than 10,000
employees worldwide. Information on Covance’s products and
services, recent press releases, and SEC filings can be obtained
through its website at www.covance.com.
Statements contained in this press release, which are not
historical facts, such as statements about prospective earnings,
savings, revenue, operations, revenue and earnings growth and other
financial results are forward-looking statements pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. All such forward-looking statements including the
statements contained herein regarding anticipated trends in the
Company’s business are based largely on management’s expectations
and are subject to and qualified by risks and uncertainties that
could cause actual results to differ materially from those
expressed or implied by such statements. These risks and
uncertainties include, without limitation, competitive factors,
outsourcing trends in the pharmaceuti
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