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Company News Release
Princeton, NJ-July 29, 2009
Covance today announced it has entered into a definitive agreement with Merck & Co., Inc. relating to the supply of genomic analysis services. Under the terms of the agreement Merck has committed to a five-year $145 million contract to purchase genomic analysis services from Covance. In addition Covance will acquire Merck's Seattle-based Gene Expression Laboratory that performs genomics services such as genotyping, gene sequencing and gene expression profiling.
Covance expects to offer employment to the majority of current employees and is scheduled to assume occupancy of the site and operation of the Gene Expression Laboratory on August 17, 2009.
"The Gene Expression Laboratory has established a strong reputation for consistent delivery of high quality experimental data in support of Merck's external collaborations and internal research projects," said Dr. Rupert Vessey, Vice President, Merck Research Laboratories. "This agreement assures continued access to these services for our researchers while securing a future for the facility as an integral part of a world leading drug development service provider."
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 www.covance.com.