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The drug development industry has come along way in the last two decades. In the 1980s and early 1990s, when the focus was on cost-savings and capacity management, contract research organizations (CROs) were used primarily as spillover capacity. The work was done and often done well, but our relationship with our pharmaceutical clients was tactical, and CRO growth rates and profitability were volatile. From roughly 2000 to 2005, biotechnology and specialty pharmaceutical companies began to use CROs more strategically, which stabilized demand and improved the performance and return on investment of CROs.
In the late 1980s and early 1990s, Corning, Incorporated acquired numerous best-of-class drug development companies, some with roots dating back to the 1940s. In January 1997, Corning spun off these businesses as one publicly-traded, independent company called Covance Inc. [NYSE: CVD].
Key Milestones:
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2011
Acquisition of the Wisconsin-based TRAC Microbiology, expands microbiology testing services within Covance's Nutritional Chemistry & Food Safety business and adds new services including consulting, auditing, and research
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2010
Signs landmark 10-year agreement with sanofi-aventis and acquires their Porcheville, France, and Alnwick, United Kingdom, sites.
Opens Nutritional Chemistry and Food Safety Laboratory in Battle Creek, Michigan with a 7-year agreement with Kellogg Co.
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2009
Acquires Seattle-Based Gene Expression Laboratory from Merck & Co., Inc.
Acquires Swiss Pharma Contract
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2008
Purchases equity stake in Caprion Proteomics
Acquire’s Lilly’s Greenfield site and enters into strategic collaboration
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2007
Commemorates 10-year anniversary
Partners with CARE/Rwanda to support the Early Childhood Development Initiative pilot in Rwanda
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2006
Acquires Signet Laboratories
Acquires Clinical pharmacology sites of Radiant Research, Inc.
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2005
Acquires GFI Clinical Services
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1998
Acquires Berkeley Antibody Company
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1997
Covance begins operations as an independent public company
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