Covance Expands Clinical Trial Operations In China
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|Collaboration with Excel PharmaStudies Inc Provides Global Pharmaceutical Clients Ready Access to Treatment-naïve Patients Across a Wide Spectrum of Therapeutic Areas|
|Princeton, NJ and Sydney, Australia, 13th April, 2004 — Covance Inc. (NYSE: CVD) announced today the expansion of its clinical trial operations in China through a collaboration with Excel PharmaStudies Inc. to support the international biopharmaceutical industry's drug development needs in China.|
This collaboration will strengthen Covance's clinical capacity in China to conduct global studies. Excel PharmaStudies, with headquarters in Beijing, is the largest domestic contract research organization (CRO) in China providing full clinical development services. "By partnering with Excel PharmaStudies, we are able to offer our global biopharmaceutical clients faster local patient recruitment across a wide spectrum of therapeutic areas, combined with strong project management and process controls required to meet their drug development needs," said Dr. Alan Wood, General Manager of Covance's Global Clinical Development Services unit.
According to industry sources, China is the fastest growing pharmaceutical market in Asia Pacific with market growth rates of approximately 15%. China offers significant opportunities for global clinical research and development including world-class research and laboratory facilities, availability of internationally trained scientists and medical professionals, and access to a large "treatment-naïve" patient population.
"We are pleased to collaborate with Covance in offering drug development solutions in China to the global biopharmaceutical industry" said Dr Gao Zhan, Chairman, Excel PharmaStudies Inc. "Through this relationship with Covance, we hope to bring our extensive knowledge of China's clinical trial environment to the global biopharmaceutical industry and further establish China as an important location for companies to include in their clinical development programs."
The collaboration with local experts, such as Excel PharmaStudies, is part of Covance's strategy to provide international biopharmaceutical clients with access to the right-fit project team and processes for complex clinical trials in countries around the world and particularly in the emerging Asia Pacific markets. Covance will provide ongoing investment in training to Excel PharmaStudies, combining the expertise and experience of a global CRO with the knowledge and expertise of a local provider. "The use of Covance's industrial-strength processes, systems and technology will ensure seamless operation and communication between the two companies," said Lyle Holm, Vice President, Clinical and Periapproval Service Delivery Asia Pacific at Covance. "By instituting an integrated business approach with Excel PharmaStudies, we will avoid the communication and process breakdowns that might occur in typical multi-vendor trials. Our mutual clients will benefit through faster and more accurate gathering of trial data and study results for their clinical programs in China."
Covance, with headquarters in Princeton, New Jersey, is one of the world's largest and most comprehensive drug development services companies with 2003 net revenues of $940 million, global operations in 18 countries, and approximately 6,500 employees worldwide. Information on Covance's products and services, recent press releases, and SEC filings can be obtained through the website in the About Covance area.
Statements contained in this press release, which are not historical facts, 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 an 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, the Company's ability to continue to attract and retain qualified personnel, the fixed price nature of contracts or the loss of large contracts, and other factors described in the Company's filings with the Securities and Exchange Commission.