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GENFIT and LabCorp Sign a Licensing Agreement to Expand Access to an Innovative Diagnostic Assay for Non-Alcoholic Steatohepatitis (NASH)

LabCorp, a leading global life sciences company, and GENFIT, a biopharmaceutical company focused on discovering and developing drug candidates and diagnostic solutions targeting liver diseases, have announced the signing of a licensing agreement between GENFIT and Covance, LabCorp’s drug development business. The agreement will expand access to an innovative non-alcoholic steatohepatitis (NASH) liver diagnostic test for the clinical research market.

LabCorp Completes Acquisition of Covance

Laboratory Corporation of America® Holdings (LabCorp®) (NYSE: LH) recently announced the completion of its acquisition of Covance Inc., following its entry into a definitive purchase agreement on November 2, 2014. At closing, the purchase consideration was valued at $107.19 per Covance share, consisting of $75.76 in cash and 0.2686 LabCorp shares for each Covance share, or an equity value of approximately $6.2 billion and an enterprise value of approximately $5.7 billion. This combination creates the world’s leading healthcare diagnostics company, providing comprehensive clinical laboratory services and end-to-end solutions for drug and diagnostics development and commercialization.

LabCorp To Acquire Covance For Approximately $5.6 Billion, Creating World’s Leading Healthcare Diagnostics Company

Laboratory Corporation of America ® Holdings (LabCorp ®) (NYSE: LH) and Covance Inc. (NYSE: CVD) recently announced that they have entered into a definitive agreement under which LabCorp will acquire Covance for cash and LabCorp shares currently valued at $105.12 per Covance share, or an equity value of approximately $6.1 billion and an enterprise value of approximately $5.6 billion. The combination will create the world’s leading healthcare diagnostics company, capitalizing on LabCorp’s industry leadership in medical testing and Covance’s leadership in contract research. Under the terms of the agreement, which has been approved by the Boards of Directors of both companies, Covance shareholders will receive $75.76 in cash and 0.2686 LabCorp shares for each Covance share they own. Covance shareholders will own approximately 15.5% of the combined company.

Covance and M2Gen Enter into Alliance to Promote Faster Patient Recruitment in Biomarker-Driven Oncology Trials

Covance Inc. (NYSE: CVD), a leading provider of drug development services, announced today that it has entered into an exclusive alliance and services agreement with M2Gen, a subsidiary of the Moffitt Cancer Center and leader in advancing personalized medicine by using high-quality tissue, clinical data and molecular technology to advance research for personalized cancer treatments. Under the agreement, Covance and M2Gen will work together to offer biopharmaceutical clients the ability to match potential patients for biomarker-driven oncology trials with the right treatment or clinical trial. In addition, Covance will become the preferred provider for M2Gen for DNA/RNA sequencing, gene expression analysis, and genotyping analysis services, which will be conducted at Covance’s genomics laboratory in Seattle, Washington.

M2Gen’s cancer-focused data warehouse, one of the largest of its kind in the world, and related specimen biorepository, links longitudinal clinical, molecular and specimen data from more than 95,000 consented patients from Moffitt Cancer Center and a consortium of 17 hospitals throughout the United States. M2Gen uses a proprietary healthcare informatics platform to support a clinical trial matching program, which can significantly reduce the timeline for identifying suitable participants for enrollment in clinical trials and improve the design of biomarker driven trials.

“Working together, Covance and M2Gen expect to help biopharmaceutical companies accelerate their drug development programs, make better decisions, and improve their efforts to develop targeted therapies for cancer patients,” said Ken Somberg, MD, Chief Medical Officer for Covance and Vice President, Clinical Development Services. “M2Gen’s database is unique in the industry, with clinical data captured and maintained over the cancer patient’s lifetime. This alliance will help us partner with sponsors as the field of personalized medicine continues to evolve, and as we work toward a common goal of bringing new life-saving medicines to patients who need them.”

”M2Gen considers Covance to be an ideal strategic partner with the goal of connecting patients to the best treatment options, including clinical trials, by accelerating the discovery and delivery of personalized medicine,” said Bill Dalton, PhD, MD, President and CEO of M2Gen.

Covance is a leader in clinical oncology and has conducted more than 130 trials across several tumor types in the past five years on behalf of biopharmaceutical sponsors. The alliance with M2Gen will extend Covance’s personalized medicine strategy and reinforce its drug development capabilities in this key therapeutic area.

M2Gen and Moffitt Cancer Center will continue efforts to add new hospitals to their network, further expanding access to clinical data for thousands of consenting cancer patients across the United States.

Source: Covance

GNS Healthcare, Covance Team on Data-Driven Personalized Medicine

GNS Healthcare today said that it will collaborate with contract research organization Covance on developing data-driven models to assist pharmaceutical firms in optimizing the efficiency and cost-effectiveness of drug development.