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Strategic Partnership Includes Development of New Facility, Enhanced Service for Global Clinical Trials
BURLINGTON, N.C., June 28, 2022--(BUSINESS WIRE)--Labcorp (NYSE: LH), a leading global life sciences company, today announced that it is enhancing its central laboratory presence and drug development capabilities in Japan through an expansion of CB Trial Laboratory, the central laboratory co-managed by Labcorp Drug Development and BML, a leading Japanese provider of clinical laboratory testing services.
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Photo courtesy of Labcorp
Extending their strategic relationship that dates back more than a decade, Labcorp Drug Development and BML will begin work on a new laboratory facility in the city of Kawagoe, Saitama, expanding capacity and services for pharmaceutical and biotechnology clients. This will bolster Labcorp Drug Development’s central laboratory services offerings in Japan and sets the stage for a continued acceleration of companion diagnostic capabilities.
"Labcorp Drug Development remains committed to growing its Japanese operations and services through continued expansion and partnerships," said Honggang Bi, senior vice president and head of Asia-Pacific for Labcorp Drug Development. "Broadening our work with BML and increasing our laboratory footprint means we will be able to offer shorter turnaround times, superior in-country sample management and full lab testing services for global clinical trials in Japan. This will benefit patients, clients and health care providers by providing them with the information needed to make key decisions."
The new facility will be located near BML’s General Laboratory in Kawagoe where the current CB Trial Laboratory is located, providing over 4,000 square meters of dedicated space for global clinical trials managed by Labcorp Drug Development. The new space will be greater than five times the size of the current facility, with additional capabilities such as genomics, microbiology and companion diagnostics in addition to expanded offerings in current lab capabilities including flow cytometry, immunology, and anatomical pathology and histology. Completion of the expanded laboratory is expected by early 2025.
Through the planned laboratory expansion, Labcorp will advance biomarker and esoteric testing services, expand its companion diagnostics portfolio and deepen the integration with its clinical development services. In addition, the company will be able to intensify its focus on cell and gene therapy research and development, part of a broader commitment to precision medicine and fortifying the company’s position as an oncology leader.
"In collaborating with Labcorp, we are able to offer our pharmaceutical and biotechnology clients access to both comprehensive clinical laboratory testing and drug development opportunities," said Dr. Kensuke Kondo, president of BML. "The laboratory expansion provides additional capabilities and capacity and opens the door to enriched services, more resources and better outcomes for our clients and patients."
Labcorp and BML have successfully provided central laboratory services for global clinical trials in Japan since 2010 through kit production, sample logistics and laboratory operations at CB Trial Laboratory. Their partnership agreement was renewed in 2020.
To learn more about Labcorp Drug Development’s Japanese operations, please click here.
Labcorp is a leading global life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. Through our unparalleled diagnostics and drug development capabilities, we provide insights and accelerate innovations to improve health and improve lives. With over 75,000 employees, we serve clients in more than 100 countries. Labcorp (NYSE: LH) reported revenue of $16 billion in FY2021. Learn more about us at www.Labcorp.com or follow us on LinkedIn and Twitter @Labcorp.
This press release contains forward-looking statements, including but not limited to statements with respect to future prospects for services to be offered in Japan through the collaboration between Labcorp and BML, and its anticipated benefits for clients and patients.
Each of the forward-looking statements is subject to change based on various important factors, many of which are beyond the company’s control. These factors, in some cases, have affected and in the future (together with other factors) could affect the company’s ability to implement the company’s business strategy and actual results could differ materially from those suggested by these forward-looking statements. As a result, readers are cautioned not to place undue reliance on any of the forward-looking statements.
The company has no obligation to provide any updates to these forward-looking statements even if its expectations change. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. Further information on potential factors, risks and uncertainties that could affect operating and financial results is included in the company’s most recent Annual Report on Form 10-K and subsequent Forms 10-Q, including in each case under the heading RISK FACTORS, and in the company’s other filings with the SEC. The information in this press release should be read in conjunction with a review of the company’s filings with the SEC including the information in the company’s most recent Annual Report on Form 10-K, and subsequent Forms 10-Q, under the heading MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
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