Covance takes control of Merck's Gene Expression Lab in Seattle |
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Covance takes control of Merck's Gene Expression Lab in Seattle
Covance said today that it plans to acquire Merck's Gene Expression Laboratory in Seattle, a move that Covance CEO Joe Herring said "brings world-class talent and technologies to Covance and further expands our capabilities in genomics testing and personalized medicine."
The division is part of Merck's Rosetta Inpharmatics group, a 300-person unit which is in the process of being dismantled. In June, Microsoft purchased the assets of Rosetta Biosoftware, and said it planned to keep some employees on board.
In a press release today, Princeton, New Jersey-based Covance said it planned to offer employment to most of the employees of the Gene Expression Lab and take over occupancy of the facility next month.
As part of today's deal, Merck also has agreed to pay $145 million over the next five years to purchase genomic analysis services from Covance.
UPDATE: Xconomy reports that Covance plans to retain about 75 to 80 workers, with Herring telling the online publication that the Seattle unit could double or triple in a few years.
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