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Covance Inc. (NYSE:CVD), a provider of drug development services, today announced that its central laboratory services received Merck Co., Inc.'s Outstanding Strategic Collaboration Award.
Covance Recognized For Outstanding Performance by Merck Co., Inc.
PRINCETON, NJ, July 31, 2008 - Covance Inc. (NYSE:CVD), a leading provider of drug development services, today announced that its central laboratory services received Merck Co., Inc.'s Outstanding Strategic Collaboration Award. Covance Central Laboratory Services is one of only 12 suppliers who were selected from thousands of Merck suppliers. The criteria for receiving this award included scorecard performance; contributions towards the Key Business Result (KBR) for Merck; Covance's ability to work with niche suppliers to further Merck's business; and operational excellence. Covance received the award at Merck's annual Supplier Recognition Forum. "Our strategy of operational and service excellence is critical to our success. We are proud of our Merck team for delivering on this strategy and of the work that we all have done with Merck and the positive impact it has had on human lives," said Deborah Tanner, President of Covance Central Laboratory Services and Senior Vice President of Covance Inc. "We are honored to be recognized for the collaborative spirit, innovation, expertise, experience, and integrity we bring to our partnerships." Covance is the most experienced central laboratory services provider in the world. Since 1986, it has focused solely on clinical trials. In the past five years alone, it has performed more than 150 million tests; provided services for more than 3,000 clinical trial protocols; and supported nearly 100,000 investigator sites in 100 countries It maintains wholly-owned central laboratories in Indianapolis, Indiana; Geneva, Switzerland; Singapore; and Shanghai, China.
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 $1.5 billion, global operations in more than 20 countries, and greater than 9,000 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
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 an 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 are registered service marks of Covance in the United States and other countries.