PRINCETON, N.J., November 7, 2011 — Sanofi and Covance (NYSE: CVD) were the honored recipients of the 2011 Scrip Award for Outsourcing Deal of the Year for their 10-year strategic R&D alliance, as judged by an independent panel composed of senior industry experts from around the world. The award was presented to Sanofi and Covance at the seventh annual Scrip Awards ceremony, hosted by Scrip Intelligence, a leading news, data, and analysis service for the global pharmaceutical industry, on November 3, 2011, in London, England.
“As the market continues to transform, we are proud to be at the forefront of designing new partnership models that deliver greater and more integrated value for our clients,“ said John Watson, Chief Commercial Officer and President, Strategic Partnering, Covance. “We are honored to accept this award with our colleagues at Sanofi and in recognition of the thousands of Sanofi and Covance employees who, every day, are finding new ways to collaborate, innovate and accelerate drug development.”
Finalized in October 2010, the Sanofi and Covance R&D alliance was unprecedented in scale and scope, spanning all phases of drug discovery and development, and generating potential revenue for Covance in excess of $2 billion. The agreement also included an asset and staff transfer of two R&D facilities and approximately 300 associated scientific and technical staff. The award-winning R&D alliance — described by the judges as impressive — blends scientific innovation, financial flexibility and operational efficiencies to foster more collaborative and productive scientific innovations and reduces the time and cost of drug development.
The Scrip awards recognize the interplay of innovation, excellence and achievement within the biopharmaceutical industry. Outsourcing Deal of the Year reflects the vital relationship between the biopharma industry and its service suppliers in bringing novel drugs to market.
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 11,000 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 or delay of large studies, 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, testing mix and geographic mix of kit receipts in central laboratories, 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.