"This agreement marks a significant milestone in strengthening our relationship with Covance which we have built over several years and provides an opportunity for both partners to develop a broader-based partnership in the future to deliver mutual benefits to both organizations," said Kemal Malik, Member of the Executive Committee and Head of Global Development at Bayer HealthCare.
"We are extremely proud to have established an enduring relationship with Bayer HealthCare built on trust and proven performance that is now elevating to a strategic partnership," said John Watson, President, Strategic Partnering, and Chief Commercial Officer, Covance. "We look forward to working together with Bayer HealthCare to identify opportunities to leverage our broad portfolio to generate more efficiencies thereby reducing the overall time and cost of drug development."
Covance, with headquarters in Princeton, New Jersey, is one of the world's largest and most comprehensive drug development services companies with annual revenues greater than 2 billion US Dollar, global operations in more than 30 countries, and more than 11,000 employees worldwide.
About Bayer HealthCare
The Bayer Group is a global enterprise with core competencies in the fields of health care, nutrition and high-tech materials. Bayer HealthCare, a subgroup of Bayer AG with annual sales of EUR 17.2 billion (2011), is one of the world's leading, innovative companies in the healthcare and medical products industry and is based in Leverkusen, Germany. The company combines the global activities of the Animal Health, Consumer Care, Medical Care and Pharmaceuticals divisions. Bayer HealthCare's aim is to discover, develop, manufacture and market products that will improve human and animal health worldwide. Bayer HealthCare has a global workforce of 55,700 employees (Dec 31, 2011) and is represented in more than 100 countries.