Abstract
In its effort to create a pharmaceutical business based on a network of collaborations, Eli Lilly & Co. is selling its Greenfield, Ind., operations to Covance, the Princeton, N.J.-based drug development services firm. Covance will pay $50 million for the 450-acre lab site. It also gets a 10-year service agreement with Lilly worth $1.6 billion. The deal expands Covance’s responsibilities for handling Lilly’s toxicology testing and early-stage drug clinical trials and for supporting its Phase II and III trials. In related moves, Lilly is transferring clinical trial monitoring in the U.S. and Puerto Rico to Quintiles, a pharmaceutical services company, and U.S. data management to the clinical research firm i3. The R&D restructuring is designed to increase productivity and reduce drug development costs. “These actions reflect Lilly’s determination to take the necessary steps to compete in a very challenging marketplace,” Lilly CEO John Lechleiter says. As a result of the Covance deal, clinical trials at ...
Published Version
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