INDIANAPOLIS - Drug-development services company Covance Inc. will buy an Indiana research center from Eli Lilly and Co. and enter a 10-year service deal with the drugmaker worth $1.6 billion.
New Jersey-based Covance will pay $50 million for Lilly's 450-acre drug development campus in Greenfield, Ind., while offering employment to about 260 Lilly employees. Lilly is headquartered in Indianapolis.
Covance will use the site to provide mostly early-stage clinical trial work to Lilly as part of the 10-year contract. Covance also will do mid- and late-stage work and use the site to help other biotech and pharmaceutical companies.