LabCorp & Envigo Announce Agreement
Expands Covance Capabilities, Creates Independent Research Model and Services Provider
April 17, 2019 - We are excited to inform you that today, LabCorp and Envigo announced that they have signed an agreement that will expand Covance’s nonclinical drug development capabilities and create an independent research model and services provider. Covance and Envigo are two like-minded organizations with strong cultural alignment and a shared dedication to helping our clients improve health and improve lives.
How will this work?
LabCorp’s Covance Drug Development segment will acquire Envigo’s nonclinical research services business and Envigo’s Research Models Services business will acquire the Covance Research Products business. This will result in Envigo becoming a pure-play research models and services business, while Covance will expand its global nonclinical drug development capabilities.
This exciting combination will create a nonclinical contract research organization with significant global scale and expansive capabilities; while providing continued focus and ongoing supply of quality research models and services to the market.
What does this mean for our clients?
Enhances the breadth and scope of Covance nonclinical development
- This unique and innovative transaction will provide our clients with:
- Access to an infusion of additional scientific expertise, technical expertise and insights
- Enhanced nonclinical capabilities including respiratory expertise
- Access to additional facilities in Europe and the US
Creates a comprehensive research models and services business
- The combination of these two complementary premier suppliers of research models and services will enable our clients to more easily source the best models for their research needs.
- And, through our strategic collaboration, will provide our clients with expanded access to a full range of high-quality research models and services as well as diets and bedding.
Envigo will bring substantial talent and skill to Covance, and will enhance our wide-ranging portfolio of capabilities. Covance and Envigo share a commitment to quality and excellence in drug development. Our clients can be assured that this new organizational model will remain focused on the quality and continuity of their future studies. For current studies, this announcement will not change the way our clients operate or engage with either organization.
We expect the transaction to close within 2 months of sign, subject to regulatory approvals and customary closing conditions. In the interim, both companies will conduct business as usual as we continue to focus on our hallmarks of quality, excellence and service delivery to our clients.