Covance Finalizes Merck Deal, Delays Construction of Preclinical Unit

Thursday, August 20, 2009 06:35 AM

Covance officially closed a deal with Merck earlier this week to provide genomics analysis services to the drug developer for the next five years. Under the terms of the $145-million agreement, the contract research organization (CRO) acquired Merck’s Seattle-based Gene Expression Laboratory. All Merck employees related to the Seattle facility became Covance employees as of August 17.

Covance also announced this week that it is delaying plans to construct a $145-million preclinical toxicology testing facility in Virginia, a site that was purchased from Eli Lilly in 2007. Construction will be delayed for up to two years, Covance said. In its Q2 2009 financial statement, released in July, the company attributed a drop in early-stage revenues to a drop in preclinical demand.

Share:          
CWWeekly

April 13

Quintiles-Quest Diagnostics joint venture latest in CRO-central lab deals, more could be on horizon

Biotech companies raise record amount of capital in Q1

Already a subscriber?
Log in to your digital subscription.

Subscribe to CWWeekly.

The CenterWatch Monthly

April

PSI, INC Research, Chiltern best with sites
Strategic outsourcing prioritizing, improving site relationships

Regulatory compliance an increasing burden on sites
Increased staff time, materials, storage eroding site operating profit

Already a subscriber?
Log in to your digital subscription.

Purchase the March issue.

Subscribe to
The CenterWatch Monthly.

The CenterWatch Monthly

March

Novo Nordisk, Takeda, Servier, Celgene among top sponsors
New gains seen from patient- and site-centric initiatives

Patient reported outcomes take center stage
FDA combining PROs, clinical outcomes in its approval decisions

Already a subscriber?
Log in to your digital subscription.

Purchase the February issue.

Subscribe to
The CenterWatch Monthly.

JobWatch centerwatch.com/jobwatch

Featured Jobs