Covance and sanofi-aventis Finalize Agreements for 10-year Strategic R&D Alliance
PRINCETON, N.J., Oct 29, 2010 /PRNewswire via COMTEX/ -- Covance Inc (NYSE: CVD) today announced that it has closed its transactions with sanofi-aventis to become its R&D partner over the next 10 years and to purchase sanofi-aventis' Porcheville, France and Alnwick, United Kingdom sites. Covance has assumed control of the Porcheville and Alnwick sites and all sanofi-aventis employees transferred on that date at both facilities are now Covance employees. The transaction, first announced on September 30, is expected to generate estimated revenues ranging from $1.2 billion to $2.2 billion over the course of the agreement.
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 $1.8 billion, global operations in more than 30 countries, and more than 10,000 employees worldwide. Information on Covance's products and services, recent press releases, and SEC filings can be obtained through its website at http://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, 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.
SOURCE Covance Inc.