LabCorp Expands Drug Development Solutions with Acquisition of Sciformix
June 11 2018 - 8:30AM
Business Wire
Sciformix extends Covance’s pharmacovigilance
capabilities for post-approval safety solutions
LabCorp® (NYSE: LH), a leading global life sciences company,
announced today that it has acquired Sciformix Corporation, a
scientific process outsourcing company focused on pharmacovigilance
and regulatory solutions for biopharmaceutical and medical devices
clients. Sciformix will become part of Covance, LabCorp’s drug
development business.
“This acquisition strengthens our position in the later phases
of drug and device development, particularly for post-marketing
pharmacovigilance and market access solutions,” said David P. King,
chairman and chief executive officer of LabCorp. “The addition of
Sciformix’s scientific and technology expertise, combined with
its quality-driven processes, will support Covance’s work in
transforming drug development through innovation and greater
efficiency.”
Sciformix’s offerings include post-marketing safety and risk
management, clinical development support services, regulatory
affairs and operations, technology services, and real-world
evidence solutions. The majority of Sciformix’s 1,100 employees are
based in Asia, accelerating Covance’s global expansion.
“The development process does not end once a drug or device is
approved,” said Bill Hanlon, Ph.D., group president of Clinical
Development and Commercialization Services at Covance. “More than
ever, approved treatments must be monitored closely to demonstrate
a continued favorable benefit-risk ratio in a much broader
population and to safeguard patient safety. Pharmacovigilance
solutions address that need. Sciformix’s services and expertise are
a compelling addition to Covance’s portfolio. With its scientific
knowledge and high-quality delivery, Sciformix is a great fit with
our culture and our mission to improve health and improve
lives.”
Manish Soman, former president and chief executive officer of
Sciformix, said: “Our complementary offerings add depth and breadth
to each company’s capabilities, creating an exciting opportunity to
offer customers an enhanced range of comprehensive services by
a single company.” Ajit Nagral, Sciformix founder and former
executive chairman, added: “Sciformix is delighted to become part
of the Covance and LabCorp family, bringing new opportunities for
our employees as they work to improve healthcare for patients
worldwide.”
Terms of the transaction have not been disclosed.
About LabCorp
LabCorp (NYSE: LH), an S&P 500 company, is a
leading global life sciences company that is deeply integrated in
guiding patient care, providing comprehensive clinical laboratory
and end-to-end drug development services. With a mission to improve
health and improve lives, LabCorp delivers world-class diagnostic
solutions, brings innovative medicines to patients faster and uses
technology to improve the delivery of care. LabCorp reported net
revenues of over $10 billion in 2017. To learn more about
LabCorp, visit www.LabCorp.com, and to learn more about
Covance Drug Development, visit www.Covance.com.
This press release contains forward-looking statements about the
Company’s future operations. Each of the forward-looking statements
is subject to change based on various important factors, including
without limitation, competitive actions in the marketplace, and
adverse actions of governmental and other third-party payers.
Actual results could differ materially from those suggested by
these forward-looking statements. The Company has no obligation to
provide any updates to these forward-looking statements even if its
expectations change. Further information on potential factors that
could affect operating and financial results is included in the
Company’s Form 10-K for the year ended December 31, 2017, and
subsequent Forms 10-Q, including in each case under the heading
risk factors, and in the Company’s other filings with the SEC. The
information in this press release should be read in conjunction
with a review of the Company’s filings with the SEC including the
information in the Company’s Form 10-K for the year ended December
31, 2017, and subsequent Forms 10-Q, under the heading MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS.
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LabCorpMedia:Sue Maynard,
+1-336-436-8263orInvestor:Scott Frommer, +1-336-436-5076
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