PRINCETON, N.J., Oct. 17, 2014 /PRNewswire/ -- Covance (NYSE: CVD), the world's most comprehensive drug development company and a leader in nutritional analysis, today announced that it has been awarded the 2014 Frost & Sullivan Asia Pacific CRO Growth Excellence Leadership Award, based on the company's strong business performance and continued investments in the Asia Pacific region. The award was presented to Covance at the Frost & Sullivan Asia Pacific Best Practice Awards ceremony in Singapore last night.

Over the past several years, Covance expanded its central laboratory and nutritional chemistry laboratory facilities in Singapore, added to its preclinical and clinical footprint in China, and significantly grew its clinical operations in China, Japan, Korea and other Asia Pacific countries to meet growing demand in the region for both regional and global trials. Partnering with Covance in Asia Pacific allows clients to access its capabilities in this region and also provides the gateway for local and regional pharmaceutical companies to access global markets.

"To meet present and future drug development requirements, and to tap the fast growing opportunities in Asia Pacific region, Covance expanded its investments in its clinical and preclinical business areas. Covance has shown strong growth and has emerged as a leader in the rapidly growing Asia Pacific CRO market. With its strong overall performance, Covance has earned Frost & Sullivan's 2014 Growth Excellence Leadership Award," said Sanjeev Kumar, Consultant, Healthcare Practice Asia Pacific, Frost & Sullivan.

"This award further validates the significance of our investments in our late-stage and early development service lines in the Asia Pacific region and acknowledges our leadership position in the CRO industry" said Nick Wright, Vice President & General Manager, Phase II-IV Clinical Development Asia Pacific, at Covance. "Covance is the only CRO in the region with the expertise to develop a molecule from discovery through all preclinical and clinical milestone and we're very committed to continue bringing our Asia Pacific clients solutions that advance drug development."

About Covance
Covance, the world's most comprehensive drug development company and a leader in nutritional analysis, is dedicated to advancing healthcare and delivering Solutions Made Real(TM). The Company, headquartered in Princeton, New Jersey, has annual revenues greater than $2.4 billion and more than 12,500 employees located in over 60 countries. Information on Covance's solutions, recent press releases, and SEC filings can be obtained through its website at www.covance.com.

About the 2014 Frost & Sullivan Asia Pacific Best Practices Awards
Now in its seventh consecutive year, the Frost & Sullivan Asia Pacific Best Practices Awards recognize companies across industries commending their diligence, commitment, and innovative business strategies required to advance in the global marketplace. Exemplary companies across different industries and functional disciplines in the region will be recognized in the following categories: environment, energy & power, industrial, chemicals, logistics, healthcare and IT. Frost & Sullivan follows a rigorous measurement based methodology based on actual market performance indicators to select the recipients in each category.

Forward-Looking Statements
Statements contained in this press release, which are not historical facts, such as statements about prospective earnings, savings, revenue, operations, revenue and earnings growth and other financial results are forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements including the statements contained herein regarding anticipated trends in the Company's business are based largely on management's expectations and are subject to and qualified by risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation, competitive factors, outsourcing trends in the pharmaceutical industry, levels of industry research and development spending, the Company's ability to continue to attract and retain qualified personnel, the fixed price nature of contracts or the loss or delay of large studies, risks associated with acquisitions and investments, the Company's ability to increase order volume, the pace of translation of orders into revenue in late-stage development services, testing mix and geographic mix of kit receipts in central laboratories, fluctuations in currency exchange rates, the realization of savings from the Company's announced restructuring actions, the cost and pace of completion of our information technology projects and the realization of benefits therefrom, and other factors described in the Company's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.

SOURCE Covance