INDIANAPOLIS, Aug. 6 /PRNewswire-FirstCall/ -- Eli Lilly and Company (NYSE: LLY - News) today announced that Covance Inc. (NYSE: CVD - News), one of the world's leading drug development services companies, will buy and operate Lilly's Greenfield Laboratories located in Greenfield, Indiana. In addition, Lilly is finalizing plans to lease a new worldwide headquarters for its animal health division, Elanco, in Hancock County, Indiana. The announcement is part of a series of actions the company is taking to restructure its research and development organization in order to compete in a dramatically changing environment.These moves will help improve productivity by gaining speed to market and lowering drug development costs, while supporting the continued growth of Elanco.
"For nearly a century, Greenfield Laboratories has been an important Lilly site, currently housing Elanco's worldwide headquarters and a significant portion of Lilly's toxicology testing, as well as other R&D support functions," said John Lechleiter, Ph.D., Lilly's president and chief executive officer.
"These actions reflect Lilly's determination to take the necessary steps to compete in a very challenging marketplace, in which our customers are demanding innovative, high-quality, affordable medicines. These are difficult but necessary decisions we must make in order to compete successfully as an independent Indiana-based company," Lechleiter added.
Read More
