LabCorp, an American biotechnology company, acquired Envigo’s nonclinical research services business. Envigo is a privately held contract research corporation. Transaction value is $705m. As a result of the agreement,​ Envigo’s research models and services business will purchase Covance’s (Lab Corp's organization​) research products business located in the United States, combining two complementary businesses into a new comprehensive research models and services company. “This unique transaction is part of our strategy to transform drug development, strengthening Covance’s ability to offer comprehensive global nonclinical research services to the biopharma industry,” said David P. King, chairman, ​and CEO of LabCorp. “Together, we are taking a creative and collaborative approach to early-stage research, which demonstrates LabCorp’s commitment to providing clients with innovative solutions that will ultimately improve health and improve lives.