Covance Increases Its Phase I Clinical Capacity With Acquisition of GFI Research Center
Covance Inc. (NYSE: CVD http://rd.bcentral.com/?ID=3182929&s=81101478) 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).
Princeton, New Jersey – (August 23, 2005) – Covance Inc. (NYSE: CVD http://rd.bcentral.com/?ID=3182929&s=81101478) 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, were 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. Were 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 its website at www.covance.com http://rd.bcentral.com/?ID=3182930&s=81101478 .
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