Covance to Expand Large-Molecule Development Capabilities in the UK
April 21 2017 - 8:45AM
Business Wire
Covance Drug Development continues to invest in
precision medicine with expansion into laboratory space at York
facility
Laboratory Corporation of America® Holdings (LabCorp®) (NYSE:
LH), a leading global life sciences company, announced today that
its Covance Drug Development (Covance) business will expand its
biopharmaceutical chemistry, manufacturing and control
(BioPharmCMC) capabilities based in Harrogate, England, into leased
space at the National Agri-Food Innovation Campus (NAFIC) in York,
England, which is purpose-built for laboratory and scientific
services. BioPharmCMC solutions are part of a biologic’s
development and manufacturing pathway to determine its safety,
quality, identity, strength and purity.
“Covance is a recognized leader in providing global BioPharmCMC
solutions, in large part due to its reputation for operational,
service and scientific excellence at our Harrogate facility,” said
John Ratliff, chief executive officer of Covance. “By investing in
the Harrogate BioPharmCMC expansion into nearby York, we continue
to strengthen our leadership in this space, providing our clients
with the end-to-end expertise and support they need from our highly
skilled scientists to improve health and improve lives of patients
around the world.”
“This investment by Covance in new laboratories at the National
Agri-Food Innovation Campus in York is another boost for the U.K.’s
£64bn life sciences and biopharma sectors,” said Greg Hands, U.K.
minister of state for trade and investment. “It will add more
high-skilled jobs to the approximately 1,000 Covance employees
already in Harrogate and strengthen the U.K.’s leadership in the
discovery and development of new medicines and treatments for use
around the world.”
Opening in late 2017, the laboratory extension in York will
allow Covance to continue to serve expanding global demand for
large-molecule (biologic) medicines, including antibodies,
vaccines, biosimilars and cell-based and gene therapies. These are
critical areas of new therapeutic discovery, development and
production in the treatment of many life-threatening and
life-changing diseases, such as rheumatoid arthritis, hepatitis C,
Crohn’s disease and, most notably, cancer.
“After more than 20 years of providing high-quality analytical
CMC capabilities for biopharmaceutical clients across the globe, we
have seen increasing demand from our partners to support their
rapidly expanding biologic pipelines and commercial product
portfolios,” said Steve Street, vice president and head of Covance
Early Development. “The NAFIC space in York is just 27 miles from
our current Harrogate location and is ideal for extending our
laboratory footprint. This expansion will provide our clients with
further access to our services, managed by a team they already know
and trust as a top-tier BioPharmCMC partner.”
About LabCorp®
Laboratory Corporation of America® Holdings (NYSE: LH), an
S&P 500 company, is a leading global life sciences company that
is deeply integrated in guiding patient care, providing
comprehensive clinical laboratory and end-to-end drug development
services. With a mission to improve health and improve lives,
LabCorp delivers world-class diagnostic solutions, brings
innovative medicines to patients faster and uses technology to
provide better care. LabCorp reported net revenues of nearly $9.5
billion for 2016 through the contributions of 52,000 employees in
approximately 60 countries. To learn more about LabCorp, visit
www.labcorp.com, and to learn more about Covance Drug Development,
visit www.covance.com.
This press release contains forward-looking statements including
with respect to estimated 2017 guidance and the impact of various
factors on operating and financial results. Each of the
forward-looking statements is subject to change based on various
important factors, including without limitation, competitive
actions in the marketplace, and adverse actions of governmental and
other third-party payers. Actual results could differ materially
from those suggested by these forward-looking statements. The
Company has no obligation to provide any updates to these
forward-looking statements even if its expectations change. Further
information on potential factors that could affect operating and
financial results is included in the Company’s Form 10-K for the
year ended December 31, 2016, and subsequent Forms 10-Q, including
in each case under the heading risk factors, and in the Company’s
other filings with the SEC. The information in this press release
should be read in conjunction with a review of the Company’s
filings with the SEC including the information in the Company’s
Form 10-K for the year ended December 31, 2016, and subsequent
Forms 10-Q, under the heading MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
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Laboratory Corporation of America®
HoldingsMedia:Pattie Kushner, +1
336-436-8263Media@labcorp.comorMedia Europe and Asia
Pacific:Sabine Schneider Nash,
+41798236706Sabine.SchneiderNash@labcorp.comorInvestors:Scott
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