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Success of new $175m lab is key for Covance’s future, says CEO

01-Apr-2009

Covance’s new $175m (EUR133m) preclinical testing laboratory in Chandler, Arizona, US is open for business bringing to an end a complex two year construction programme.

Covance CEO Joseph Herring told Phoenix’ East Valley Tribune that: “we are betting the company on the success of this facility,” explaining that its represents the largest single investment the firm has made to date.

Herring said that around 25 per cent of the $75bn invested in drug development last year was spent on preclinical work conducted by third-party preclinical contract research.

Covance’s 288,000-square-foot centre will be used to examine the drug candidates in mice, rats, dogs and monkeys under US Food and Drug Administration (FDA) mandated toxicology assessments.

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