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Covance and Lilly Enter Into a Strategic R&D Collaboration
Date:8/6/2008

- Covance to Acquire Lilly's Greenfield, Indiana Campus for $50 Million

- Covance and Lilly Execute 10-Year, $1.6 Billion Services Contract

PRINCETON, N.J., Aug. 6 /PRNewswire-FirstCall/ -- Covance Inc. (NYSE: CVD), a leading provider of drug development services, announced today that it signed a definitive agreement with Eli Lilly and Company (NYSE: LLY) to help transform Lilly's R&D model. Under the agreement, Covance will acquire Lilly's 450-acre early drug development campus in Greenfield, Indiana for $50 million and will offer employment to about 260 Lilly employees. In addition, Covance will provide Lilly with a broad-range of drug development services over the next ten years for a contract value of $1.6 billion. Under the agreement, Covance will assume ownership of the site and operations on or about October 1, 2008.

"Today's announcement represents an innovative approach to the R&D productivity challenges our pharmaceutical clients are facing," said Joe Herring, Covance Chairman and CEO. "We are very excited to welcome world-class Lilly scientific talent to Covance, and to take possession of valuable state- of-the-art assets, including more than 600,000 square feet of laboratory space, and acquire new service lines that will help us accelerate our long-term, strategic growth plans. Covance will invest in this facility and maximize its capacity utilization by conducting substantial work with Lilly and bring in new work from other pharmaceutical and biotechnology clients. We expect the Greenfield site to be a key contributor to the future growth and success of Covance."

"This strategic agreement is a result of a long-term trust-based relationship between our two companies. Covance has proven they can help acc
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SOURCE Covance Inc.
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