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GEN News Highlights : Nov 21, 2007

Covance will Expand Manufacturing Operations in Virginia

Company plans to invest about $175m in new facility.

Covance purchased a partially constructed manufacturing facility in Prince William County's Technology Park from Eli Lilly. The company intends to transform the current facility into a 410,000 sq.ft. early drug development laboratory offering safety testing and chemistry analysis services.

"The increased demand from our biopharmaceutical clients for our preclinical safety service offerings has led Covance to seek opportunities to enhance and expand our operations in Northern Virginia and build upon our multiyear, global expansion plans," says Wendel Barr, Covance svp and president of Early Development North America.

Covance plans to relocate approximately 450 current employees from its existing operations in Vienna and Chantilly, Virginia, to this facility by 2011 and hire an additional 100 employees by the year 2014. The total planned investment for this project is approximately $175 million. Covance expects to receive approximately $3.7 million in combined financial incentives from the Commonwealth of Virginia and Prince William County.