CORRECT: Sanofi In Talks With Covance To Sell 2 Research Sites
June 30 2010 - 8:28AM
Dow Jones News
French drugs maker Sanofi-Aventis SA (SNY) is in exclusive talks
with U.S.-based Covance Inc. (CVD) for the sale of research
facilities located in Porcheville, France and Alnwick in the
U.K.
The companies have signed a non-binding memorandum for the sale
which could take place before the end of the year after
consultation with works councils. The sale would entail the
transfer of around 300 employees.
The sites cover preclinical drug development including
chemistry, manufacturing and drug safety assessment. The sites were
flagged for divestment last year as part of Sanofi-Aventis'
overhaul of its research and development activities.
-By Mimosa Spencer, Dow Jones Newswires; +33 1 40 17 17 73;
mimosa.spencer@dowjones.com