Covance buys eight trial sites for $65M

Covance has purchased eight early-phase clinical development sites from Radiant Research for $65 million. The CRO says the sites generated $25 million in revenue over the past year. "This acquisition will give Covance a significant expansion of clinical pharmacology bed capacity and broaden our access to special patient populations for Phase Ib/IIa clinical studies," said Joe Herring, Covance chairman and CEO. "Early phase clinical trials continue to be one of the biggest bottlenecks in the development of new medicines. These eight sites will expand Covance's early clinical service offering and advance our leadership position in delivering proof-of-concept packages that accelerates our clients' drug development projects." The eight sites are in Austin, TX; Boise, ID; Dallas, TX; Daytona, FL; Gainesville, FL; Honolulu, HI; Portland, OR; and San Diego, CA.

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