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Bayer HealthCare (BAY), Covance Inc. (CVD) Ink Drug Development Pact


5/31/2012 7:11:07 AM

BERLIN, Germany I May 30, 2012 I 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. Information on Covance’s products and services, recent press releases, and SEC filings can be obtained through its website at www.covance.com.

About Bayer HealthCare

The Bayer Group is a global enterprise with core competencies in the fields of health care, nutrition and high-tech materials. Bayer HealthCare, a subgroup of Bayer AG with annual sales of EUR 17.2 billion (2011), is one of the world’s leading, innovative companies in the healthcare and medical products industry and is based in Leverkusen, Germany. The company combines the global activities of the Animal Health, Consumer Care, Medical Care and Pharmaceuticals divisions. Bayer HealthCare’s aim is to discover, develop, manufacture and market products that will improve human and animal health worldwide. Bayer HealthCare has a global workforce of 55,700 employees (Dec 31, 2011) and is represented in more than 100 countries. Find more information at www.bayerhealthcare.com.

SOURCE: Bayer HealthCare



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