Covance to Expand Large-Molecule Development Capabilities in the UK

Covance Drug Development continues to invest in precision medicine
with expansion into laboratory space at York facility

BURLINGTON, N.C.–(BUSINESS WIRE)–Laboratory Corporation of America® Holdings (LabCorp®) (NYSE: LH), a
leading global life sciences company, announced today that its Covance
Drug Development (Covance) business will expand its biopharmaceutical
chemistry, manufacturing and control (BioPharmCMC) capabilities based in
Harrogate, England, into leased space at the National Agri-Food
Innovation Campus (NAFIC) in York, England, which is purpose-built for
laboratory and scientific services. BioPharmCMC solutions are part of a
biologic’s development and manufacturing pathway to determine its
safety, quality, identity, strength and purity.

“Covance is a recognized leader in providing global BioPharmCMC
solutions, in large part due to its reputation for operational, service
and scientific excellence at our Harrogate facility,” said John Ratliff,
chief executive officer of Covance. “By investing in the Harrogate
BioPharmCMC expansion into nearby York, we continue to strengthen our
leadership in this space, providing our clients with the end-to-end
expertise and support they need from our highly skilled scientists to
improve health and improve lives of patients around the world.”

“This investment by Covance in new laboratories at the National
Agri-Food Innovation Campus in York is another boost for the U.K.’s
£64bn life sciences and biopharma sectors,” said Greg Hands, U.K.
minister of state for trade and investment. “It will add more
high-skilled jobs to the approximately 1,000 Covance employees already
in Harrogate and strengthen the U.K.’s leadership in the discovery and
development of new medicines and treatments for use around the world.”

Opening in late 2017, the laboratory extension in York will allow
Covance to continue to serve expanding global demand for large-molecule
(biologic) medicines, including antibodies, vaccines, biosimilars and
cell-based and gene therapies. These are critical areas of new
therapeutic discovery, development and production in the treatment of
many life-threatening and life-changing diseases, such as rheumatoid
arthritis, hepatitis C, Crohn’s disease and, most notably, cancer.

“After more than 20 years of providing high-quality analytical CMC
capabilities for biopharmaceutical clients across the globe, we have
seen increasing demand from our partners to support their rapidly
expanding biologic pipelines and commercial product portfolios,” said
Steve Street, vice president and head of Covance Early Development. “The
NAFIC space in York is just 27 miles from our current Harrogate location
and is ideal for extending our laboratory footprint. This expansion will
provide our clients with further access to our services, managed by a
team they already know and trust as a top-tier BioPharmCMC partner.”

About LabCorp®

Laboratory Corporation of America® Holdings (NYSE: LH), an S&P 500
company, is a leading global life sciences company that is deeply
integrated in guiding patient care, providing comprehensive clinical
laboratory and end-to-end drug development services. With a mission to
improve health and improve lives, LabCorp delivers world-class
diagnostic solutions, brings innovative medicines to patients faster and
uses technology to provide better care. LabCorp reported net revenues of
nearly $9.5 billion for 2016 through the contributions of 52,000
employees in approximately 60 countries. To learn more about LabCorp,
visit www.labcorp.com,
and to learn more about Covance Drug Development, visit www.covance.com.

This press release contains forward-looking statements including with
respect to estimated 2017 guidance and the impact of various factors on
operating and financial results. Each of the forward-looking statements
is subject to change based on various important factors, including
without limitation, competitive actions in the marketplace, and adverse
actions of governmental and other third-party payers.
Actual
results could differ materially from those suggested by these
forward-looking statements. The Company has no obligation to provide any
updates to these forward-looking statements even if its expectations
change. Further information on potential factors that could affect
operating and financial results is included in the Company’s Form 10-K
for the year ended December 31, 2016, 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 Form
10-K for the year ended December 31, 2016, and subsequent Forms 10-Q,
under the heading MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.

Contacts

Laboratory Corporation of America® Holdings
Media:
Pattie
Kushner, +1 336-436-8263
Media@labcorp.com
or
Media
Europe and Asia Pacific:
Sabine Schneider Nash, +41798236706
Sabine.SchneiderNash@labcorp.com
or
Investors:
Scott
Frommer, +1 336-436-5076
Investor@labcorp.com