Several years following its acquisition by the laboratory giant, Covance finally gets a name change.
In a letter shared with the public last month, Covance’s CEO Paul Kirchgraber, M.D. announced the company’s name will be changed to Labcorp Drug Development at the end of June 2021. “As we entered 2021, we announced plans to change our name from Covance to Labcorp Drug Development—showcasing our unique combination of drug development and diagnostic capabilities through one powerful, unified brand,” said Kirchgraber. The change is set to apply to all of the company’s drug development service lines. According to the letter, greater collaboration can be expected going forward between the company’s drug development and diagnostic capabilities across areas such as oncology, biomarkers and companion diagnostics, data analytics, commercialization services, among others.
After entering into a definitive purchase agreement in November 2014, Labcorp paid $6.1 billion in cash and stock to acquire the contract research organization. While Covance retained its name since, the transaction paved the way for the creation of one of the largest and most diverse players in the industry. To date the combined company boasts more than 70,000 employees across the world, and the ability to support clinical trial across approximately 100 countries through its industry-leading central laboratory business, While the industry has been relatively quiet on the deals front in recent years, 2021 has seen some notable activity with the likes of the PRA-Icon merger and the acquisition of PPD by Thermo Fischer.