New investments in facilities and scientific leadership reflect Covance's commitment to biologics development
Princeton, N.J. – March 25, 2014 – Covance Inc. (NYSE: CVD), one of the world's largest and most comprehensive drug development services companies, today announced that it is building on its expertise in biologics development with new investments to meet growing client demand, including the expansion of its global bioanalytical footprint and the addition of scientific leaders to its biologics team.
An important step to continually deepen the company's biologics capabilities is the expansion of its large molecule bioanalytical space co-located with Covance's central laboratory facility in Indianapolis, Ind. The expansion, which is planned to open during the second half of 2014, is doubling the company's large molecule capacity and is expected to add approximately 100 new positions over the next five years. This investment will enable Covance to further leverage its small and large molecule bioanalytical expertise while providing scientific, logistic, and regulatory synergies for our clients.
"Our new biologics solutions will enable us to work in closer collaboration with our clients, providing them actionable insights to help expedite their large molecule development," said Deborah Keller, Executive Vice President, R&D Laboratories, Covance. "Doubling our large molecule capacity and enhancing a leading team with additional dedicated scientific experts with proven success in managing through these complexities will further strengthen our leadership position in a growing market."
As part of the ongoing investment in biologics, the company also appointed Mike Holsapple, Ph.D., as Covance's Executive Director of Global Immunotoxicology. Dr. Holsapple is a Fellow in the Academy of Toxicological Sciences (ATS) and past President of the Society of Toxicology bringing more than 30 years of experience in this important field. In conjunction with this appointment, Covance has launched molecule management teams of experienced scientific leaders who work closely with our clients to develop and implement tailored solutions for the development of their biologics which will leverage Covance's broad portfolio of services, including discovery, preclinical, early and late clinical, central laboratories and commercialization.
About Covance Inc.
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 $2.4 billion and more than 12,500 employees located in over 60 countries. 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, are forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements 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, 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.