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Covance Agrees to Enter Strategic Relationship with eResearchTechnology to Offer its Clients eRT's Centralized Cardiac Safety Services
Date:11/27/2007

- Covance Sells Centralized ECG Business; Enters Exclusive Ten Year

Marketing Agreement with eRT -

PRINCETON, N.J., Nov. 27 /PRNewswire-FirstCall/ -- Covance Inc. (NYSE: CVD) announced today that it has agreed to sell its centralized ECG business to eResearchTechnology (eRT) and enter into a ten year marketing agreement to offer its clients cardiac safety services through eRT's robust centralized ECG platform. The transactions are expected to be completed on or before November 28, 2007.

"Covance remains fully committed to providing our clients with integrated drug development solutions, including critical cardiac safety data in clinical projects," said Joe Herring, Chairman and CEO of Covance. "Under the new marketing arrangement, we believe our clients will benefit from eRT's industry-leading centralized ECG services. The transaction also allows Covance's management team to focus more attention and investments on growing our service offerings in the larger markets we serve."

"By engaging in this long-term strategic relationship with the world's largest publicly-traded CRO, eRT is extending its leadership position in the area of cardiac safety," said Dr. Michael McKelvey, President and CEO of eRT. "The scale, expertise, and ancillary technology benefits that will be derived from the acquisition will allow us to provide better and more cost-effective services to our valued clients and to the drug development industry."

In exchange for its centralized ECG business, which accounted for less than 2% of the company's annual net revenues, Covance disclosed that it has received an upfront cash payment from eRT of approximately $35 million with the opportunity to receive up to an additional $14 million in contingent consideration relating to the transferred backlog as well as from revenues generated from new contracts secured under the long-term marketing arrangement. In addition, Covance expects to receive certain
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SOURCE Covance Inc.
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