COVANCE BEGINS $21 MILLION EXPANSION OF CENTRAL LABORATORY FACILITY
Expansion of Indianapolis facility underway to meet increasing demand |
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Princeton, New Jersey, August 28, 1997 — Covance Inc. (NYSE: CVD), announced today that it will invest $21 million in expansion and renovation of its facility in Indianapolis to meet increasing demand for its central laboratory services. At its central laboratory facility, Covance provides, among other services, sophisticated medical sample testing and data management essential to conducting efficient pharmaceutical clinical trials. Covance will build a 111,000-square-foot laboratory and office building as well as extensively renovate its existing 152,000-square-foot facility. The expansion project is expected to be completed by the summer of 1998. An official groundbreaking ceremony held today was attended by Indiana Governor Frank O'Bannon and Indianapolis Mayor Stephen Goldsmith.
"Our investment in our central laboratory services is another example of Covance's continued commitment to fulfilling our clients' growing demand for innovative drug development services," said Chris Kuebler, Chairman and CEO of Covance Inc. "The expanded specialized services provided by this facility will allow pharmaceutical development to be conducted even more efficiently and effectively. We believe our clients recognize and appreciate the unique benefits which Covance provides."
Covance, with owned and operated central laboratory facilities in Indianapolis, USA and Geneva, Switzerland and exclusive affiliations in Capetown, South Africa and Sydney, Australia, has the largest laboratory devoted exclusively to global pharmaceutical development. The company has pioneered many specialized services, including data-driven patient management, clinical protocol and investigator compliance monitoring, and unique laboratory specimen management systems.
Since the Indianapolis facility will create more than 300 new jobs over the next three years and Covance will invest more than $21 million at the site, Covance received special financial incentives from the Indiana Department of Commerce and the City of Indianapolis. "This groundbreaking exemplifies the benefits our state enjoys through its commitment to technology. In addition, our base of core pharmaceutical companies helps fuel growth in related firms," said Governor O'Bannon. Echoing these sentiments, Mayor Goldsmith said, "We are pleased to have a growth company like Covance in our community and that the city could play a role in encouraging this high tech expansion."
In honor of the event, Covance also announced a grant to the local Wayne Township Education Foundation, which will be matched by Lilly Endowment Inc. The Foundation underwrites innovative programs at Indianapolis schools.
"Because of the generosity of organizations such as Lilly Endowment Inc., more innovative learning programs are available in Indianapolis schools. We hope our support will further these efforts and bring enhanced educational opportunities to the community in which our employees live and work ," said Richard Andrews, Corporate Senior Vice President and Group President of Covance Central Laboratory Services.
The construction manager of the Covance facility expansion is local developer Eaton & Lauth.
Covance Inc. (NYSE: CVD), with headquarters in Princeton, NJ, is one of the world's largest and most comprehensive biopharmaceutical development service companies, with 1996 revenues of approximately $495 million, operations currently in 16 countries, and more than 5,500 employees worldwide. Covance is the only company in its field dedicated solely to global biopharmaceutical development with scientific, medical, and managerial capability and expertise at every step in the complete development process.
For more information on Covance's products and services, and to access recent press releases, please visit our internet site at: http://www.covance.com.
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