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Covance Inc. (CVD) and the Royal Liverpool and Broadgreen University Hospitals NHS Trust Establish Exclusive Agreement to Collaborate on Early Clinical Research


1/17/2013 9:42:51 AM

LIVERPOOL, ENGLAND and PRINCETON, N.J., January 17, 2013 — Covance Inc., a leading global drug development services company, and the Royal Liverpool and Broadgreen University Hospitals NHS Trust (the “Trust”) today announced that they have entered into a five-year exclusive agreement to work together in conducting early clinical trials at the Royal Liverpool University Hospital on behalf of biotechnology and pharmaceutical companies.

This alliance provides a unique opportunity to build innovative solutions for high-quality early clinical research in a safe and regulated environment at a time when more sponsors are looking to develop studies that call for the recruitment of healthy volunteers and patients.

Covance is a leader in clinical development services and a preferred partner for many companies in the biopharmaceutical industry. The company has been conducting Phase I studies (studies where investigational new drugs are administered to humans for the first time) across its network of clinics for more than 35 years, including its clinical research unit in Leeds, England. Established in 1995, the Trust has a respected and demonstrated commitment to clinical research and specialized patient care services.

The agreement between the Trust and Covance will focus on early phase trials using the clinical research unit at the Royal Liverpool University Hospital.

“This is an extremely exciting collaboration with Covance and represents an industry-leading relationship in the world of clinical research,” said Professor Robert Sutton, Director of Research and Development at the Trust. “We have a successful track record in the field of experimental medicine and are unique in the UK in our investment in clinical pharmacology along with our position in the local health and life science industry. We have the ability to work with new technologies to enhance the effectiveness and safety of new medicines for our patients.”

As part of its 2017 expansion plans, the Trust will look to expand the clinical research unit at the Royal Liverpool University Hospital and further maximize early patient benefits from research at its facility. This expansion will help establish the Royal Liverpool University Hospital and the region as a major biosciences hub. By increasing focus on early clinical research, the Trust will give patients the opportunity to participate in early clinical research for potentially new breakthrough medicines.

”We are looking forward to collaborating with the Royal Liverpool and Broadgreen University Hospitals NHS Trust to provide our clients with quicker access to patients in a Phase I setting that supports the high-level needs for specialized care, services and monitoring,” said Rob Aspbury, Vice President and General Manager, Global Clinical Pharmacology Services at Covance. “This is an innovative alliance which is designed to help make the drug development process more efficient and ultimately bring important drugs to market sooner to help patients in need.”

About the NHS Trust

The Royal Liverpool and Broadgreen University Hospitals NHS Trust is one of the largest and busiest hospital trusts in the North of England, with an annual budget exceeding £400 million. It delivers services across two sites and three hospitals, the Royal Liverpool University Hospital, Broadgreen Hospital and Liverpool University Dental Hospital, and employs more than 5,500 people.

Each year the Trust sees more than half a million people in its outpatient department and deals with around 150,000 emergency patients and day case admissions. It is one of the top teaching trusts in the UK with well-established links to the University of Liverpool, Liverpool John Moores University and international institutions. In 2013 work will begin on a new £450 million state of the art Royal Liverpool University Hospital. To find out more about the Trust, visit www.rlbuht.nhs.uk.

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, 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 http://www.covance.com.

Statements contained in this press release, which are not historical facts, such as statements about prospective earnings, savings, revenue, operations, revenue and earnings growth and other financial results 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 and 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, risks associated with acquisitions and investments, the Company’s ability to increase order volume, the pace of translation of orders into revenue in late-stage development services, fluctuations in currency exchange rates, and other factors described in the Company’s filings with the Securities and Exchange Commission including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no duty to update any forward looking statement to conform the statement to actual results or changes in the Company’s expectations.


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