Global CRO Covance boosted its revenue by about 11% last quarter, capping off a banner year in which the company outstripped its financial targets.
Covance is betting on a boom in the demand for nutritional chemistry and food safety services, planning to cut the ribbon on a 10,000-square-foot lab in the U.K.
With the spiraling amount of time and money needed to bring a drug to market weighing heavy on their Big Pharma clients, CROs have invested in efficiency boosting technology to gain a competitive edge. And the trend is tipped to continue, with an analyst predicting CROs will be at the forefront of developments in IT and genomics in 2014.
Global CRO Covance has struck up a deal to expand its diagnostics capabilities in oncology trials, partnering with NeoGenomics to bolster its anatomic pathology and specialty lab testing.
As regulators the world over clamp down on biologics development, Covance has struck up a partnership with Pathoquest to offer next-generation sequencing-based tests for biotherapeutics.
Global CRO Covance rode a spike in demand for its late-stage services to a solid third quarter, increasing its revenue guidance and counting on a bump in business to light the way for Q4.
Drug developers look to external labs to do all manners of tests, but they can easily get stretched too thin when trying to manage myriad vendors. Covance is kicking off an external lab management offering, promising to save its clients as much as 65% in oversight costs.
CRO giant Covance has signed a deal with the Indiana University School of Medicine, bringing more Phase I studies to the school's on-site clinical research unit and giving Covance a broader footprint for early trials.
Despite concerns about slashed R&D budgets, overexpansion and consolidation, the titans of the CRO business are still posting double-digit growth, clocking $13.6 billion in 2012, according to a report.
They don't make compounds like the used to--or at least at the same rate. And with fewer and fewer early-stage molecules moving through pipelines, some discovery-focused CROs have been left in the lurch.