Bayer HealthCare and Covance Inc. have decided to establish a long-term
strategic partnership in the area of clinical drug development including
R&D services related to Phase II-IV clinical studies and central laboratory
services. The new strategic partnership marks a next level of the broad-based
cooperation both partners have developed over the past years and represents the
efforts to maximize its benefits across the Bayer HealthCare organization. Bayer's
goal is to better leverage Covance's broad range of experience and services
across the R&D portfolio to attain best in class operational delivery,
efficiency and quality whilst also delivering significant financial benefits to
both organizations.
"This agreement marks a significant milestone in strengthening our
relationship with Covance which we have built over several years and provides
an opportunity for both partners to develop a broader-based partnership in the
future to deliver mutual benefits to both organizations," said Kemal
Malik, Member of the Executive Committee and Head of Global Development at
Bayer HealthCare.
"We are extremely proud to have established an enduring relationship
with Bayer HealthCare built on trust and proven performance that is now
elevating to a strategic partnership," said John Watson, President,
Strategic Partnering, and Chief Commercial Officer, Covance. "We look
forward to working together with Bayer HealthCare to identify opportunities to
leverage our broad portfolio to generate more efficiencies thereby reducing the
overall time and cost of drug development."
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 2 billion US Dollar, global operations in more than 30 countries, and more than 11,000 employees worldwide.