Sanofi Signs $2.2 Billion Research Pact With Covance
This article is for subscribers only.
Sanofi-Aventis SA, France’s biggest pharmaceutical company, signed a 10-year, $2.2 billion agreement with contract researcher Covance Inc. in a bid to lower costs and improve the productivity of drug development.
Covance will perform laboratory tests for Sanofi and will buy the French company’s sites in Porcheville, France, and Alnwick, U.K., for $25 million, Princeton, New Jersey-based Covance said in a statement today. Sanofi will pay Covance between $1.2 billion and $2.2 billion during the contract, it said. Covance shares rose the most in almost nine months.