Eli Lilly and Covance - Top 10 deals of 2008

Who: Eli Lilly
With: Covance
What: $1.6B contract

Summary: August's agreement between Eli Lilly and Covance feature the only deal with a CRO to make it onto our list. Covance signed a ten-year, $1.6 billion contract to provide Lilly drug development services. Covance took over responsibility for Lilly's non-GLP toxicology, in vivo pharmacology, quality control laboratory and imaging services. The deal also includes a committed level of clinical pharmacology, central laboratory, GLP toxicology studies and clinical Phase II-IV services. As part of the deal, Covance also bought Lilly's Greenfield, Indiana campus. Lilly said the deal would help it accelerate its drug development and focus on other programs.