Covance Inc. announced Tuesday it will buy 50 acres at the Chandler Airpark to build its drug development operations, employing up to 2,000 people.
Because the real estate transaction has not closed, company officials did not reveal the purchase price. The fate of the 38 acres purchased by the New Jersey-based company in May 2005 on Price Road remains up in the air.
Covance needed zoning changes at that location, which were opposed by animal rights group People for the Ethical Treatment of Animals. The new 50-acre parcel already has zoning in place to meet the drug development company's needs.
Princeton, N.J.-based Covance (NYSE: CVD) has more than $1 billion in annual
revenue and employs about 7,500 people at its operations in more than 20 countries.
In May, the company acquired Radiant Research Inc.'s clinical research business unit, allowing Covance to conduct Phase I human trials at eight sites throughout the nation. Radiant does not have a Phase I facility in Arizona, but two other local companies are planning to open their own Phase I research centers.
Phase I trials usually involve overnight stays, where drugs are tested for the first time in humans, following animal testing.
Company spokesman Wendel Barr said long-term plans include conducting Phase I trials at its new operations in Chandler. He said it is too early to determine when the new facility will be operational.
For more information: www.covance.com.
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