LabCorp and Envigo complete previously announced transactions
LabCorp and Envigo 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."