06 Aug Covance signs $1.6 billion deal with Eli Lilly
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.