By Wall, J K Eli Lilly and Co. will shed about 440 jobs after the sale of its Greenfield Laboratories and outsourcing other work. But the Indianapolis-based drugmaker hopes Indiana sees no net loss of jobs from its restructuring moves. The Aug.

Eli Lilly has announced that it will hand over a large proportion of its R&D efforts to contract research organization Covance.

Eli Lilly and Co. said it has reached an agreement to sell its Greenfield Laboratories in New Jersey to Covance Inc. for $50 million. In the deal, Lilly said it would provide drug developer Covance with $1.6 billion in business for at least 10 years, The Indianapolis Star reported Wednesday.

INDIANAPOLIS, Aug. 6 /PRNewswire-FirstCall/ -- Eli Lilly and Company today announced that Covance Inc. , one of the world's leading drug development services companies, will buy and operate Lilly's Greenfield Laboratories located in Greenfield, Indiana.