M&A Deal Summary

Covance Acquires Eli Lilly & Co - Greenfield Laboratories

On August 6, 2008, Covance acquired test/measurement equipment company Eli Lilly & Co - Greenfield Laboratories from Lilly for 50M USD

Acquisition Highlights
  • This is Covance’s 1st transaction in the Test/Measurement Equipment sector.
  • This is Covance’s largest (disclosed) transaction.
  • This is Covance’s 2nd transaction in the United States.
  • This is Covance’s 1st transaction in Indiana.

M&A Deal Summary

Date 2008-08-06
Target Eli Lilly & Co - Greenfield Laboratories
Sector Test/Measurement Equipment
Buyer(s) Covance
Sellers(s) Lilly
Deal Type Divestiture
Deal Value 50M USD

Target

Eli Lilly & Co - Greenfield Laboratories

Greenfield, Indiana, United States
Eli Lilly & Co - Greenfield Laboratories provides toxicology testing and research and development support functions. The Laboratories are based in Greenfield, Indiana.

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Buyer(S) 1

Buyer

Covance

Princeton, New Jersey, United States

Category Company
Founded 1987
Sector Life Science
Revenue 2.6B USD (2013)
DESCRIPTION

Covance is a drug development company and a provider in nutritional analysis, is dedicated to advancing healthcare and delivering Solutions Made Real. Covance was founded in 1987 and is based in Princeton, New Jersey.


DEAL STATS #
Overall 2 of 5
Sector (Test/Measurement Equipment) 1 of 1
Type (Divestiture) 1 of 1
State (Indiana) 1 of 1
Country (United States) 2 of 4
Year (2008) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-11-27 Covance Cardiac Safety Services

Reno, Nevada, United States

Covance Cardiac Safety Services, Inc. processes electrocardiograms in digital environment.

Sell $35M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-10 TRAC Microbiology

Madison, Wisconsin, United States

TRAC Microbiology, Inc. is a food microbiology and chemistry laboratory.

Buy -

Seller(S) 1

SELLER

Lilly

Indianapolis, Indiana, United States

Category Company
Founded 1876
Sector Life Science
Employees43,000
Revenue 34.1B USD (2023)
DESCRIPTION
Entrance to Eli Lilly's campus in Indianapolis, Indiana.
Entrance to Eli Lilly's campus in Indianapolis, Indiana.

Lilly discovers, develops, manufactures, and markets products in two business segments—human pharmaceutical products and animal health products. The mission of its human pharmaceutical business is to make medicines that help people live longer, healthier, more active lives. Most of the products Eli Lilly sells were discovered or developed by its own scientists, and the Company's success depends to a great extent on its ability to continue to discover, develop, and bring to market innovative new medicines. Eli Lilly's animal health business, operating through its Elanco division, develops, manufactures, and markets products for both food animals and companion animals. Eli Lilly manufactures and distributes its products through facilities in the US, Puerto Rico, and 11 other countries. Lilly was founded in 1876 and is based in Indianapolis, Indiana.


DEAL STATS #
Overall 6 of 9
Sector (Test/Measurement Equipment) 1 of 1
Type (Divestiture) 5 of 8
State (Indiana) 2 of 5
Country (United States) 6 of 9
Year (2008) 1 of 1
Size (of disclosed) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-07-08 SGX Pharmaceuticals

San Diego, California, United States

SGX Pharmaceuticals, Inc., based in San Diego, California, is a biotechnology company focused on drug discovery and development in the area of oncology.

Buy $64M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-10-06 ImClone Systems

Bridgewater, New Jersey, United States

ImClone Systems is a fully integrated biopharmaceutical company committed to advancing oncology care by developing and commercializing a portfolio of targeted biologic treatments designed to address the medical needs of patients with a variety of cancers. The company's research and development programs include growth factor blockers and angiogenesis inhibitors. ImClone Systems' headquarters and research operations are located in New York City, with additional administration and manufacturing facilities in Branchburg, New Jersey.

Buy $6.5B