Covance buys Lilly’s Greenfield operations

Eli Lilly and Co. has sold its Greenfield Laboratories in Hancock County to Covance Inc. for $50 million.

Covance also signed a 10-year agreement with Lilly under which Princeton, N.J.-based Covance will take responsibility for Lilly toxicology testing now conducted at the historic facility.

Approximately 260 Lilly employees at the facility will be offered jobs with Covance or the possibility of accepting limited positions available within Lilly. Another 225 Lilly workers will be transferred to Lilly locations in Indianapolis.

This story will be updated.