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Covance Increases Early Clinical Footprint in Europe with Acquisition of Swiss-Based Early Clinical Development Site

Posted on: Friday, 13 March 2009, 07:30 CDT

PRINCETON, N.J., March 13 /PRNewswire-FirstCall/ -- Covance Inc. (NYSE: CVD) announced today that it is expanding its clinical pharmacology footprint in Europe with the acquisition of Swiss Pharma Contract, a 50-bed clinical research company based in Basel, Switzerland.

"Our clients' need for complex, high-science clinical pharmacology studies that can help them make decisions faster is growing," said Joe Herring, Covance chief executive officer. "This acquisition significantly increases Covance's early clinical development footprint in Europe and gives our clients access to special patient populations for Phase I/IIa clinical studies. Covance's early clinical development offerings are well-positioned to provide our clients with the knowledge critical to enhancing downstream success rates."

Swiss Pharma Contract is an experienced, high-quality provider of clinical research services to the pharmaceutical, biotechnology, and medical-device industries, working with 10 of the top 20 pharmaceutical companies. Swiss Pharma Contract has conducted more than 200 complex clinical trials since 2002, with roughly a third of them being first-in-human studies. The Basel site also has substantial expertise in radiolabeled and proof-of-concept studies, a wealth of experience in specialty therapeutic areas, and access to a large and active volunteer database.

The business includes a modern, well-equipped clinical pharmacology facility that will increase Covance's global capacity to approximately 550 beds in the United States and Europe. The company's talented staff includes nine physicians as well as other medical staff experienced in complex clinical trials. All Swiss Pharma Contract employees will be offered employment at 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 $1.7 billion, global operations in more than 25 countries, and more than 9,600 employees worldwide. Information on Covance's products and services, recent press releases, and SEC filings can be obtained through its website at www.covance.com.

Statements contained in this press release, which are not historical facts, such as statements about prospective earnings, savings, revenue, operations, revenue and earnings growth and other financial results 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 regarding anticipated trends in the Company's business are based largely on management's expectations and are subject to and qualified by risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation, competitive factors, outsourcing trends in the pharmaceutical industry, levels of industry research and development spending, the Company's ability to continue to attract and retain qualified personnel, the fixed price nature of contracts or the loss of large contracts, risks associated with acquisitions and investments, and other factors described in the Company's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no duty to update any forward looking statement to conform the statement to actual results or changes in the Company's expectations.

SOURCE Covance Inc.

Source: PR Newswire

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