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

- Last updated on GMT

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.

Related topics: Preclinical Research

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