Covance Decides to Pursue Its Original Preclinical Strateg...( PRINCETON N.J. Sept. 29 /- Covanc...)

PRINCETON, N.J., Sept. 29 /PRNewswire-FirstCall/ -- Covance Inc. (NYSE: CVD) announced today that it will no longer pursue a 50-50 joint venture with WuXi Pharmatech to provide preclinical contract research services in China.

"We expect China will become an attractive region for outsourced drug development services over the longer-term. To seize this opportunity, we will pursue our original strategy to build our own world-class preclinical facility in the region and aggressively compete as the global market leader in a business we know very well. We plan to build a comprehensive preclinical capability that matches the high-quality facilities and scientific teams our clients have grown to trust in Europe and North America," said Joe Herring, Covance chairman and chief executive officer. "Once built, the preclinical facility will complement our existing Phase II/III clinical development, central laboratory and our new bioanalytical capability in China and allow us to enjoy the full financial benefits of further leveraging Covance's high- quality brand and drug development experience into Asia."

About Covance

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 $1.5 billion, global operations in more than 20 countries, and more than 9,000 employees worldwide. Information on Covance's products and services, recent press releases, and SEC filings can be obtained through its website at http://www.covance.com.

Statements contained in this press release, which are not historical facts, such as statements about the nature, scope and timing and benefits of the planned joint venture as well as the attractiveness of China for delivering outsourced discovery and development services, the growth of the China market and advantages of conducting preclinical research and develo
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