Covance purchased a minor stake in Caprion and will serve as the exclusive contract research organization distributor of Caprion's proteomic biomarker services. In addition, Caprion will serve as Covance's exclusive proteomic discovery provider.
Third-quarter profit rose 15 percent on higher revenue.
However, a stronger U.S. dollar could potentially slow momentum, as 40 percent of its total sales come from overseas.
Covance closed a 10-year, $1.6 billion research agreement with drugmaker Eli Lilly & Co. to provide a broad-range of drug development services over the next ten years.
The company is also buying a drug development center in Greenfield, Ind., from Lilly and 264 workers at that campus will become Covance employees.
Covance reported a 22.7% increase in quarterly profit for FY 2008.