PRINCETON, N.J., May 19, 2014 /PRNewswire/ -- Covance (NYSE: CVD), one of the world's largest and most comprehensive drug development services companies, today announced it has acquired Medaxial, a London-based value communication consultancy. The company specializes in offering clients an integrated approach to market access strategy, health economic modeling, and data dissemination services, and focuses on defining and communicating the value of a biopharmaceutical product or medical device to healthcare payers and the stakeholders who influence them.
"Covance is a leader in the rapidly growing sector of market access and reimbursement. Medaxial, with their proven expertise in optimizing data-driven, solution-focused communication of a medical product's value will further complement our market access offerings," said Marc Ginsky, Vice President and General Manager, Covance Market Access. "Proactive and effective communication of clinical and economic value is critical to help clients navigate an increasingly complex drug development and payment landscape, as they strive to provide innovative medical products to patients."
With the acquisition of Medaxial, Covance's market access services, which currently has offices in Gaithersburg, Md., Greenfield, Ind., San Diego and Sydney, will be better positioned to serve clients worldwide. In addition to Medaxial's corporate headquarters in London, the company has employees in New York and Antwerp, Belgium.
"Our capabilities and our commitment to client service are in line with Covance's commitment to operational and service excellence," said Paul Mcloughlin, co-founder and Director, Technology and Design, Medaxial. "This acquisition will provide clients with the benefits of a global consultancy group with local expertise." Mcloughlin, along with John Fanshawe, co-founder and Managing Director at Medaxial, will continue working with the company after the acquisition is completed.
"This acquisition will enhance Covance's ability to bring value communication solutions to our clients, beginning early in drug development and continuing through regulatory approval, reimbursement, and commercial success," said Ginsky.
Covance, the world's most comprehensive drug development company and a leader in nutritional analysis, is dedicated to advancing healthcare and delivering Solutions Made Real™. The company, headquartered in Princeton, New Jersey, has annual revenues greater than $2.4 billion and more than 12,500 employees located in over 60 countries. Information on Covance's solutions, recent press releases, and SEC filings can be obtained through its website at www.covance.com.
Statements contained in this press release, which are not historical facts, such as statements about prospective earnings, savings, revenue, operations, revenue and earnings growth and other financial results are forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements including the statements contained herein regarding anticipated trends in the Company's business are based largely on management's expectations and are subject to and qualified by risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation, competitive factors, outsourcing trends in the pharmaceutical industry, levels of industry research and development spending, the Company's ability to continue to attract and retain qualified personnel, the fixed price nature of contracts or the loss or delay of large studies, risks associated with acquisitions and investments, the Company's ability to increase order volume, the pace of translation of orders into revenue in late-stage development services, testing mix and geographic mix of kit receipts in central laboratories, fluctuations in currency exchange rates, the realization of savings from the Company's announced restructuring actions, the cost and pace of completion of our information technology projects and the realization of benefits therefrom, and other factors described in the Company's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.
SOURCE Covance Inc.