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Business

Covance Acquires Lilly Plant In Virginia

December 3, 2007 | A version of this story appeared in Volume 85, Issue 49
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The contract drug development firm Covance will purchase a partially constructed facility in a Prince William County, Va., technology park from Eli Lilly & Co. Covance plans to spend $175 million to convert the facility into a 410,000-sq-ft laboratory for drug-safety testing and chemical analysis. It plans to relocate 450 current employees from its operations in Vienna and Chantilly, Va., to the new facility by 2011 and hire another 100 by 2014. Lilly halted construction on what was to be an insulin plant earlier this year as part of a broader manufacturing realignment.

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