Covance to Increase Phase I/IIa Capacity With Acquisition of Eight Early Clinical Development Sites From Radiant Research

Covance to Increase Phase I/IIa Capacity With Acquisition of Eight Early Clinical Development Sites From Radiant Research

June 18, 2006

Applied Clinical Trials

Applied Clinical Trials, Applied Clinical Trials-06-19-2006, Volume 0, Issue 0

Acquisition will expand clinical pharmacology bed capacity and broaden Covance's access to special patient populations for Phase Ib/IIa studies.

PRINCETON, NJ-Covance Inc. has acquired the eight early phase clinical development sites of Radiant Research Inc. for approximately $65 million.

"Early phase clinical trials continue to be one of the biggest bottlenecks in the development of new medicines. These eight sites will expand Covance's early clinical service offering and advance our leadership position in delivering proof-of-concept packages that accelerates our clients' drug development projects," said Joe Herring, Covance Chairman and Chief Executive Officer.

"This investment will allow us to meet our clients' growing demand for high-science, first-in-human clinical trial services and address one of their toughest drug development challenges," said Wendel Barr, President of Early Development North America. "We welcome Radiant's experienced and talented staff to the Covance team. We look forward to integrating these new capabilities with our broad drug development portfolio, including our preclinical, bioanalytical, and cardiac safety services."