| COVANCE AND SIRO TO COLLABORATE ON PROVIDING DRUG DEVELOPMENT SERVICES IN INDIA
Agreement expands global reach of Covance |
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Princeton, New Jersey, 17 July 2003 — Covance Inc. (NYSE: CVD) announced today the execution of an agreement with SIRO Clinpharm Pvt. Ltd., an India-based contract research organization (CRO), to collaborate in offering drug development services in India to support the domestic and international biopharmaceutical industry.
SIRO, with headquarters in Mumbai, is one of the largest CROs in India providing full clinical development services. A formalized collaboration between the two companies further strengthens the global reach of Covance and the operational capabilities of SIRO.
According to industry sources, India is expected to be the second largest pharmaceutical market in Asia Pacific after China by 2005 with market growth rates of close to 8%. India offers significant opportunities for global clinical research and development through a strong medical infrastructure and access to the world's second-largest population. India represents the largest patient base in the world impacted by lifestyle-related illnesses like cancer, diabetes, and cardiovascular disease and not currently benefiting from other therapies. More than 70% of new drugs in the worldwide pipeline are targeting these three major therapeutic areas. Indian government initiatives, such as ten-year tax holiday concessions on income arising from research and development (R&D) spending and intellectual property alignment with the World Trade Organization guidelines effective from 2005, are set to further increase R&D activities of both multinational and domestic biopharmaceutical companies.
"Covance is committed to expanding into emerging markets such as India in support of the biopharmaceutical industry's development goals," said Dr. James Bannon, President of Clinical Development, Periapproval, and Central Diagnostics at Covance. "Extending our global reach is part of a strategy to deliver to our clients strong project management and regional solutions required to meet their drug development needs and allow Covance to offer faster patient recruitment solutions across a wide spectrum of therapeutic areas including cardiovascular, oncology, and infectious diseases."
"We are pleased to collaborate with Covance in offering drug development services in India to the global pharmaceutical industry," said Dr. Gautam V. Daftary, Director, SIRO Clinpharm Pvt. Ltd. "Through this collaboration, we hope to bring our extensive knowledge of India's medical research community, biopharmaceutical industry, and regulatory environment to the global biopharmaceutical industry and assist in establishing India as an important location for multinational pharmaceutical companies to include in their multi-center, global trials."
Covance, with headquarters in Princeton, New Jersey, is one of the world's largest and most comprehensive drug development services companies with 2002 net revenues of $883 million, global operations in 18 countries, and approximately 6,900 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. |
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