Covance Increases Its Phase I Clinical Capacity With Acquisition Of GFI Research Center
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Princeton, New Jersey, August 23, 2005 — Covance Inc. ( NYSE: CVD ) added to its Phase I capacity and further enhanced its reputation for clinical excellence with the purchase today of GFI Clinical Services from West Pharmaceutical Services, Inc. (NYSE: WST).
Covance acquired the assets of the Evansville, Indiana-based clinical research unit for $5.7 million. The 80-bed facility will now be part of Covance Clinical Research Unit Inc., and will be known as Covance GFI Research.
"Covance has been looking to expand its clinical pharmacology presence in North America and GFI helps fill that need with a high quality asset," says Covance CEO Joe Herring. "With continued high demand in the clinical pharmacology market, we're pleased to have found a CRU with similar expertise and reputation in handling high-end, complex studies."
"The purchase is welcome news to GFI and its 100 employees," remarks Christi Bradley, MBA, RD, Vice President and General Manager of GFI Clinical Services. "We're very excited about being a part of Covance, as well as the prospect of growing and enhancing our clinical capabilities."
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 billion, global operations in 17 countries, and approximately 7,000 employees worldwide. Information on Covance's products and services, recent press releases , and SEC filings can be obtained through the Covance website.
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 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, and other factors described in the Company's filings with the Securities and Exchange Commission.
Covance and the Covance logo are registered service marks of Covance in the United States and other countries.