LabCorp acquires Envigo’s global nonclinical contract research business, Envigo acquires LabCorp’s Covance Research Products business
Burlington, N.C., and Indianapolis, Ind. — June 3, 2019 — LabCorp® (NYSE: LH), a leading global life sciences company that is deeply integrated in guiding patient care, and Envigo, a leading provider of research models and services, today announced that they have completed previously announced transactions that will strengthen and enhance the way their respective businesses support research in the biopharmaceutical and life sciences industries.
LabCorp’s Covance Drug Development segment has completed the acquisition of Envigo’s nonclinical contract research services business, expanding Covance’s global nonclinical drug development capabilities with additional locations and resources. Envigo’s Research Models and Services business has completed the acquisition of the Covance Research Products business, resulting in an organization dedicated to offering a full range of research models, diets and bedding. The two companies will continue to collaborate through a multi-year, renewable supply agreement.
“This unique transaction furthers a key element of our strategy to provide the biopharma industry with comprehensive drug development services that help bring innovative medicines to patients,” said David P. King, chairman and CEO of LabCorp. “We are delighted to welcome our new colleagues from Envigo to Covance and look forward to driving growth and innovation with enhanced nonclinical research solutions that ultimately improve health and improve lives.”
“With a singular focus on being the provider of choice for research models and services that support discoveries and development across life sciences, Envigo has set a new and exciting course for the future,” said Dr. Adrian Hardy, president and CEO of Envigo. “We are proud and excited to welcome our new colleagues from Covance Research Products. Together, we now provide an even wider range of capabilities to serve and delight our valued customers. We will also forge new connections in support of our shared vision — working together to build a healthier and safer world.”
LabCorp (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 improve the delivery of care. LabCorp reported revenues of more than $11 billion in 2018. To learn more about LabCorp, visit www.LabCorp.com, and to learn more about Covance Drug Development, visit www.Covance.com.
Envigo provides the broadest range of standard research models to the pharmaceutical and biotechnology industries, government, academia and other life science organizations. As the largest organization that is solely dedicated to providing research models and related products and services, we are committed to helping researchers realize the full potential of their critical R&D projects as we fulfill our mission to work together to build a healthier and safer world. To learn more about Envigo’s products and services, visit www.envigo.com.