Covance and Merck & Co., Inc. Finalize Strategic Agreement
August 18 2009 - 3:01PM
PR Newswire (US)
PRINCETON, N.J., Aug. 18 /PRNewswire-FirstCall/ -- Covance
(NYSE:CVD) today announced that it has closed its transaction with
Merck to provide a broad array of genomics analysis services under
a five-year $145 million contract and to acquire Merck's
Seattle-based Gene Expression Laboratory. Effective August 17,
2009, Covance assumed control of the facility and the Seattle team
has joined Covance. 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 $1.7 billion, global operations in 25
countries, and more than 10,000 employees worldwide. Information on
Covance's products and services, recent press releases, and SEC
filings can be obtained through its website at
http://www.covance.com/. Statements contained in this press
release, which are not historical facts, such as statements about
prospective earnings, savings, revenue, operations, revenue and
earnings growth and other financial results 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, the
closing of the announced transaction, 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, risks
associated with acquisitions and investments, the Company's ability
to increase order volume, the pace of translation of orders into
revenue in late-stage development services, fluctuations in
currency exchange rates, and other factors described in the
Company's filings with the Securities and Exchange Commission
including its Annual Report on Form 10-K and Quarterly Reports on
Form 10-Q. The Company undertakes no duty to update any forward
looking statement to conform the statement to actual results or
changes in the Company's expectations. DATASOURCE: Covance CONTACT:
Media, +1-609-419-2060, or Investors, +1-609-452-4807 Web Site:
http://www.covance.com/
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