COVANCE
INCREASES ITS PHASE I CLINICAL CAPACITY WITH ACQUISITION OF GFI
RESEARCH CENTER
Released on
= August 30, 2005, 6:40 pm
Press Release
Author = Covance Inc.
Industry = Pharmaceuticals
Press Release
Summary = COVANCE INCREASES ITS PHASE I CLINICAL CAPACITY WITH ACQUISITION
OF GFI RESEARCH CENTER
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).
Press Release
Body = COVANCE INCREASES ITS PHASE I CLINICAL CAPACITY WITH ACQUISITION
OF GFI RESEARCH CENTER
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."
About Covance
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. http://www.covance.com.
Web Site = http://www.covance.com
Contact Details
= Covance Inc.
210 Carnegie Center
Princeton, N.J. 08540
1-888-268-2623
covance@digitalbrandexpressions.com
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