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news.Covance, a provider of drug development services, has signed a definitive agreement with Eli Lilly and Company to help transform Lilly's R&D model.
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Under the agreement, Covance will acquire Lilly’s 450-acre early drug development campus in Greenfield, Indiana for $50 million and will offer employment to about 260 Lilly employees.
In addition, Covance will provide Lilly with a broad-range of drug development services over the next ten years for a contract value of $1.6 billion. Under the agreement, Covance will assume ownership of the site and operations on or about October 1, 2008.
As part of the agreement, Lilly will transfer responsibility to Covance for its non-good laboratory practice (GLP) toxicology, in vivo pharmacology, quality control laboratory, and imaging services.
In addition, the contract includes a committed level of clinical pharmacology, central laboratory, GLP toxicology studies, and clinical Phase II-IV services.