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Covance signs $1.6 billion deal with Eli Lilly

WTN News

August 6, 2008

Madison, Wis. — Covance, a contract research organization (CRO) with a presence in Madison, has signed a $1.6 billion deal to provide Eli Lilly with drug development services, after buying Lilly's Greenfield, Indiana, campus for $50 million.

The services deal is for 10 years and more than doubles Covance's annual revenue from Lilly, adding about $90 million to the current $70 million, said a report in Forbes.

Covance will offer to employ about 260 Lilly workers in Indiana.

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