Coming on the heels of closing its Arizona laboratory, Covance ($CVD) has scored a new strategic partnership. This time, the New Jersey CRO has teamed up with Bayer Healthcare in a deal that will see the two helping one another with R&D services.
While Bayer and Covance have worked together in the past, this multiyear partnership will take the two to the "next level," as a Bayer statement describes, as they work on clinical drug development relating to Phase II-IV clinical studies and central laboratory services. Through that, Bayer hopes to elevate Covance's experience and services across its R&D portfolio.
"We look forward to working together with Bayer HealthCare to identify opportunities to leverage our broad portfolio to generate more efficiencies thereby reducing the overall time and cost of drug development," said Covance Chief Operating Officer and President of Strategic Partnering John Watson in a statement.
This partnership will build upon other alliances Covance has already established. As Covance's strategic partnerships with other pharma companies show, the CRO can rise to the occasion. Two years ago, it secured 10-year, $2.2 billion deal with Sanofi ($SNY), and prior to that, struck another long-term relationship with Eli Lilly ($LLY) worth $1.6 billion to handle the pharma's non-GLP toxicology, in vivo pharmacology, quality control laboratory and imaging services.
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