PRINCETON, N.J., Sept. 30 /PRNewswire-FirstCall/ — Covance Inc.
(NYSE:
CVD) today announced the signing of definitive agreements with
sanofi-aventis (EURONEXT: SAN and NYSE:
SNY) for Covance to become sanofi-aventis’ R&D partner.
Over the next ten years, Covance expects to provide drug
development services to sanofi-aventis, with estimated payments
ranging from approximately $1.2 billion to $2.2 billion.
Sanofi-aventis will sell their Porcheville, France and
Alnwick, United Kingdom sites and facilities to Covance for
approximately $25 million and Covance will maintain employment on
these sites for at least the next five years. The transaction is
expected to be completed before the end of the year.
“A key strategy for sanofi-aventis is to transform its R&D
model and discover new medicines through the use of novel
technologies and innovative partnerships,” declared Marc Cluzel,
M.D., PhD, Executive Vice-President, Research & Development,
sanofi-aventis. “This alliance with Covance will help us preserve
hundreds of valuable jobs in Porcheville and Alnwick, while driving
our R&D efficiency for the benefit of the patients.”
“We look forward to welcoming the world-class scientific talent
in Porcheville and Alnwick to Covance, as well as adding
state-of-the-art assets and new services to our portfolio,” said
Joe Herring, Covance Chairman and Chief Executive Officer. “Today’s
announcement represents another win-win solution to the R&D
productivity challenges facing the pharmaceutical industry and
provides Covance with a unique source of growth.”
Under the agreements, sanofi-aventis will utilize Covance’s
global R&D portfolio of discovery support, toxicology,
chemistry, clinical Phase I – IV, central laboratory, and
market access services with annual comm
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