OR WAIT null SECS
Burlington, NC, April 13, 2016 LabCorp announced today that Covance has completed an expansion of its now approximately 48,000 square foot central laboratory in Geneva, Switzerland, the largest of its kind in Europe. Through this investment Covance doubled its testing capacity in Geneva by increasing the degree of automation and improving workflow efficiency. The Covance Central Laboratory in Geneva provides services for global clinical trials in Europe and Africa and plays a key role in LabCorp’s strategic vision to improve health and improve lives. “For the last 24 years, Covance has provided laboratory testing services in Geneva. This expansion enables us to better meet our customers’ growing demand for high quality central laboratory services in support of clinical trials,” said Deborah Keller, chief executive officer, Covance. “The expanded and renovated lab continues to bring solutions to our clients in rapidly developing areas such as pathology, genomics and companion diagnostics, helping pharmaceutical companies bring innovative medicines to patients faster and more efficiently.” Jean-Marc Leroux, general manager for Central Laboratory Europe and Covance’s chief innovation officer commented, “With continued investment and our local R&D relationships we demonstrate our commitment to the Geneva region which was acknowledged by the Chamber of Commerce and the Canton of Geneva with the ’Prix de l’Economie’ in 2014.” About the CRO business and the Central Laboratory Market A contract research organization (CRO) is an organization that provides support to the pharmaceutical, biotechnology, and medical device industries in the form of research services outsourced on a contract basis. Facing increasing competitive pressure, biopharmaceutical companies are tightening their focus on their core mission of discovery and commercialization, while outsourcing peripheral functions that can be done more efficiently by others. Covance’s R&D model is cost efficient for sponsors, enabling them to benefit from a scalable and variable cost model for functions that were previously performed internally. In combination with the world-class diagnostic expertise and extensive database of patient test results of LabCorp Diagnostics, the expanded breadth of solutions that Covance brings differentiates it from ordinary CROs and enables it to be an ideal partner of choice to accelerate the process of bringing novel therapies to market. Covance is the market leader in providing central laboratory services for clinical trials. The company has a full service offering that includes chemistry, special chemistry, hematology, flow cytometry, genomics, anatomic pathology, histology and microbiology and operates in multiple global locations in addition to Geneva. The laboratory in Geneva was opened in 1992, analyzing samples for Europe and Africa. Covance employs more than 600 employees in Geneva. About LabCorp Laboratory Corporation of America® Holdings, an S&P 500 company, is the world’s leading healthcare diagnostics company, providing comprehensive clinical laboratory services through LabCorp Diagnostics, and end-to-end drug development support through Covance Drug Development. LabCorp is a pioneer in commercializing new diagnostic technologies and is improving people’s health by delivering the combination of world-class diagnostics, drug development and knowledge services. With net revenue in excess of $8.5 billion in 2015 and more than 50,000 employees in approximately 60 countries, LabCorp offers innovative solutions to healthcare stakeholders. LabCorp clients include physicians, patients and consumers, biopharmaceutical companies, government agencies, managed care organizations, hospitals, and clinical labs. To learn more about Covance Drug Development, visit www.covance.com. To learn more about LabCorp and LabCorp Diagnostics, visit www.labcorp.com.