Navigation Links
Covance Decides to Pursue Its Original Preclinical Strategy in China

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

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 development in China 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 are based largely on Covance management's expectations and actual results could vary significantly. Success of the planned China preclinical facility, including for delivering outsourced discovery and development services, are subject to other risks and uncertainties including, without limitation, competitive factors, outsourcing trends in the pharmaceutical industry, levels of industry research and development spending, the Covance's ability to build and staff the facility and to market and provide the services in China, and other factors described in Covance's filings with the U.S. Securities and Exchange Commission. Covance does not undertake any duty to update any forward looking statement to conform the statement to actual results or changes in expectations.

SOURCE Covance Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Covance Inc. Invites You to Join the Webcast of Its Third Quarter 2007 Financial Results Conference Call
2. Covance Reports Full-Year 2007 Revenue Growth Of 15.4% and Seventh Consecutive Year of EPS Growth in Excess of 20%
3. Covance to Present at Merrill Lynch Global Pharmaceutical, Biotechnology and Medical Device Conference
4. Covance to Present at The R.W. Baird 2008 Growth Stock Conference
5. Covance and WuXi PharmaTech to Form a Joint Venture to Provide World-Class Preclinical Services in China
6. VaxGen Further Restructures to Preserve Cash as It Pursues Strategic Initiatives
7. GlaxoSmithKline Awarded U.S. Department of Defense Contract to Pursue Novel Antibacterial Research Program
8. AspenBio Pharma Pursues FDA 510(k) Application Pathway for Appendicitis Blood Test
9. Fate Therapeutics Created by Leading Stem Cell Scientists to Pursue New Approaches to Stem Cell Therapies
10. Wyeth Will Pursue Claim for Damages Resulting From Teva Pharmaceuticals Launch of Generic Pantoprazole in Violation of PROTONIX Patent
11. European Patent Office Upholds Martek European DHA Food Patent; Scope of Original Claims Narrowed
Post Your Comments:
(Date:11/28/2015)... ... November 28, 2015 , ... • Jeon Jin Bio ... porcine and rodent control solutions , Bird ... oil, works across all sensory modalities including visual, smell, taste and touch, enabling safe, ...
(Date:11/27/2015)... United Kingdom , Nov. 27, 2015 /PRNewswire/--  Mallinckrodt ... biopharmaceutical company, announced today that it has closed the ... (CMDS) business to Guerbet (GBT- NYSE Euronext) in a ... operations encompassed four manufacturing facilities and a total of ... 75 in the St. Louis ...
(Date:11/27/2015)... ... November 27, 2015 , ... Pittcon is pleased to ... presentations offered in symposia, oral sessions, workshops, awards, and posters. The core ... of applications such as, but not limited to, biotechnology, biomedical, drug discovery, environmental, ...
(Date:11/27/2015)... 2015 --> ... companion diagnostics is one of the major ... pharmaceutical companies and diagnostic manufacturers working together ... . --> ... global cancer biomarkers market spread across 89 ...
Breaking Biology Technology:
(Date:11/26/2015)... Research and Markets ( ) has ... - Technology and Patent Infringement Risk Analysis" report ... --> Fingerprint sensors using capacitive technology represent ... sensor vendor Idex forecasts an increase of 360% of ... and of the fingerprint sensor market between 2014 and ...
(Date:11/20/2015)... November 20, 2015 NXTD ) ... on the growing mobile commerce market and creator of ... Pereira , was recently interviewed on The RedChip ... on this weekend on Bloomberg Europe , Bloomberg ... --> NXTD ) ("NXT-ID" or the "Company"), ...
(Date:11/19/2015)... Calif. , Nov. 19, 2015  Based on ... Frost & Sullivan recognizes BIO-key with the 2015 Global ... Each year, Frost & Sullivan presents this award to ... line catering to the needs of the market it ... product line meets and expands on customer base demands, ...
Breaking Biology News(10 mins):