PRINCETON, N.J., April 16, 2013 -- Covance Inc. (NYSE: CVD), a leading provider of drug development services, today announced completion of the expansion of its central laboratory facility in Singapore to enhance the company's current service offerings and position it to meet current and future growth of drug development in the Asia Pacific region. The expansion is the latest in Covance's continued investment in Singapore, and an important element of the strategic investment plans for the Asia Pacific region that also includes recent growth in operations in China and Japan.
The laboratory, at approximately 2,700 square meters (29,000 square feet), is the largest of its kind in Singapore, providing clinical testing services to clients in Asia, including South Korea, Taiwan, Hong Kong, the Philippines, Australia, and India. This laboratory expansion doubles the size of Covance's genomics footprint in Singapore, while also adding capabilities in anatomic pathology and nutritional chemistry. Like Covance's central laboratories in Indianapolis, Indiana; Geneva, Switzerland; Shanghai, China; and Tokyo, Japan, the Singapore facility continues to provide a full-service offering that includes chemistry, immunology, hematology, flow cytometry, genomics, anatomic pathology, and microbiology.
"For the last 13 years Covance has provided central laboratory testing services in Singapore, where we have seen increasing demand for efficient, high-quality clinical trial data and support," said Jon Koch, Corporate Vice President and Global General Manager, Central Laboratory Services, Covance. "This expansion will help us better serve both our local and multinational customers' R&D needs in key therapeutic areas like oncology and metabolic diseases while reflecting Covance's continued commitment to the Asia Pacific region."
"Covance's expansion reaffirms Singapore's proposition as a strategic location for CROs to base their regional operations as they expand to tap on the fast growing opportunities in Asia," said Kevin Lai, Director, Biomedical Sciences Group, from the Economic Development Board of Singapore. "Its investment is a strong vote of confidence in our efforts in developing Singapore as a leading biomedical sciences hub with strong capabilities to support translational and clinical research."
"In addition to providing our clients in Asia the broadest access to clinical trial testing services, Covance's facilities in the Asia Pacific region also offer preclinical services together with a comprehensive range of clinical development services to support both regional and global trials. Being the only CRO with the expertise to develop a molecule from discovery through all preclinical and clinical milestones makes Covance a preferred provider for companies wishing to develop drug candidates in Asia and around the globe," added Deborah Keller, Executive Vice President and Group President, R&D Laboratories, Covance.
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 billion, global operations in more than 30 countries, and more than 11,500 employees worldwide. 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, such as statements about prospective earnings, savings, revenue, operations, revenue and earnings growth and other financial results are forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements including the statements contained herein regarding anticipated trends in the Company's business 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, competitive factors, outsourcing trends in the pharmaceutical industry, levels of industry research and development spending, the Company's ability to continue to attract and retain qualified personnel, the fixed price nature of contracts or the loss of large contracts, risks associated with acquisitions and investments, the Company's ability to increase order volume, the pace of translation of orders into revenue in late-stage development services, fluctuations in currency exchange rates, and other 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.