Covance Appoints Dr. Steve Street to Lead Worldwide Safety Assessment and Pharmaceutical Chemistry Services

PRINCETON, N.J., June 18, 2012 /PRNewswire/ -- Covance Inc. (NYSE: CVD) today announced that Steve Street, Ph.D., has joined the company as Global Vice President and General Manager, overseeing Covance's worldwide safety assessment and pharmaceutical chemistry services.  He will be based in Harrogate, UK.

Dr. Street, with more than 27 years of experience in biopharmaceutical R&D, joins Covance from Pfizer, Inc., where he served as Vice President and Head of two global R&D units – the Research Centers of Emphasis and Continuous Improvement.  In these roles, he led the company's high-performing technology and operations group to increased portfolio development speed and project survival, ultimately creating a positive impact across multiple therapeutic areas, including chemistry and biology outsourcing, innovation, and new indications.  During his tenure at Pfizer, Dr. Street also served as Head of the company's Worldwide Chemistry Discipline.

"Steve's keen strategic insights and exceptional R&D background will benefit Covance as we refine our global presence and strengthen our scientific expertise in early development," said Deborah Tanner, Executive Vice President and Group President, R&D Laboratories, Covance.  "Science is at the core of everything we do, and the addition of a leader like Steve allows us to continue to meet clients' needs in this increasingly complex industry and, ultimately, remain the drug development partner of choice."

"Covance is known for its continuous global innovation in development, superior quality of products and services, and long-standing client relationships, all of which are essential elements for sustained success in today's highly competitive R&D landscape," said Dr. Street. "With an increasing focus on outsourcing, this is a very exciting time to transition from pharma to a contract research organization, and I am proud to join the industry leader.  I look forward to learning from and working with a talented, dedicated group of new colleagues at Covance."

Dr. Street is a Fellow of the Royal Society of Chemistry, a member of the American Chemical Society, and recently served as a visiting Professor of Chemistry at the University of Nottingham, UK. He received a doctorate from Leeds University in the UK.

Covance generates more new drug development data than any other organization in the world.  The company offers the industry's broadest and most integrated portfolio of R&D services, offering flexible, milestone-based solutions and full development solutions in clinical pharmacology, early clinical development, and molecule development.

About Covance

Covance, with headquarters in Princeton, New Jersey, is one of the world's largest and most comprehensive drug development services companies, with annual revenues greater than $2 billion, global operations in more than 30 countries, and more than 11,000 employees worldwide. Information on Covance's products and services, recent press releases, and SEC filings can be obtained through its website at www.covance.com.

Forward Looking Statements

Statements contained in this press release (and in the webcast announced in this press release), which are not historical facts, such as statements about prospective earnings, savings, revenue, operations, revenue, 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 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.