NJBIZ reports that the Princeton-based drug development company Covance Inc. entered into a $1.6 billion contract research deal with Eli Lilly & Co. of Indianapolis.
Covance will buy Eli Lilly’s 450 acre Greenfield Laboratories in Indiana for $50 million instead of just supplying outsourced clinical trials and testing work. Covance will take take complete responsibility for all testing and R&D support activities for Lilly at the site, and that is how this approach differs from typical practices states Wendel Barr, COO of Covance.
Covance will utilize over 260 Lilly staffers at the Greenfield campus. The COO expected work to start the day after the contract is signed, which is expected to be in October. Read the full article here.
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