Covance, Merck Ink 5-Year Gene Analysis Pact
Jul 30, 2009 -- Covance said it has entered into a definitive agreement with Merck & Co., Inc. under which Merck will buy genomic analysis services from Covance and Covance will acquire Merck's Seattle-based Gene Expression Laboratory.
Under the deal, Merck has committed to a five-year $145 million contract to purchase genomic analysis services from Covance. Covance will acquire Merck's lab, which performs genomics services such as genotyping, gene sequencing and gene expression profiling.
Covance said it expects to offer employment to the majority of current employees and is scheduled to assume occupancy of the site and operation of the lab on August 17.
Princeton, New Jersey-based Covance is a drug development services firm that has operations in 25 countries, and more than 10,000 employees worldwide