net revenues of $731.6 million and a net income of $48.6 million. By 2012, it had annual revenues of over $2 billion and over 11,000 employees in more than 60 countries. In 1998, Covance acquired the Berkeley (California, US) Antibody Company. In 2000, Covance started a central laboratory in Singapore, building on clinical-development services that they formed in Singapore in 1996. On February 14, 2001, Covance completed the sale of Covance Pharmaceutical Packaging Services Inc., later renamed Fisher Clinical Services, to Fisher Scientific International for $137.5 million. The net proceeds from the sale, approximately $110 million, were used to repay other Covance debt. In 2002, Covance acquired Virtual Center Laboratory B.V., which is now known as Local Laboratory Services. In August 2005, it acquired GFI Clinical Services, an 80-bed clinical pharmacology business, from West Pharmaceutical Services, Inc. In 2006, Covance announced the acquisition of eight early phase clinical pharmacology sites of Radiant Research, Inc. and later opened what was then the largest toxicology expansion in Madison, Wisconsin, US. In May 2006, it acquired Signet Laboratories, Inc., a provider of monoclonal antibodies used in the research of cancer, infectious disease and neurodegenerative disease. In 2007, Covance opened a Central Lab facility in Shanghai, China. In 2008, Covance acquired Eli Lilly’s Greenfield, Indiana campus and executed a 10-year service drug development service agreement with Lilly. Also, in 2008, Covance purchased a minority equity stake in Caprion Proteomics, known for proteomic biomarker services. In 2009, Covance acquired Merck's Seattle-based Gene Expression Laboratory and entered into a five-year, $145 million contract to provide Merck with genomic analysis services. In 2010, Covance and Sanofi-Aventis created an outsourcing partnership, which, at the time was considered the largest between a contract research organization (CRO) and a pharmaceutical company. Covance also acquired sites from Sanofi-Aventis in Porcheville, France and Alnwick, United Kingdom. In 2011, Covance acquired the assets of Signet Laboratories, Inc., a provider of monoclonal antibodies used in the research of cancer, infectious disease and neurodegenerative disease. In 2014, Covance acquired Medaxial, known for its market access consulting. Labcorp Drug Development as Covance (2014–present) On November 3, 2014, Laboratory Corporation of America purchased Covance for $6.1 billion. In 2016, Covance entered a five-year strategic alliance with Global Specimen Solutions and the use of their specimen management product, GlobalCODE, among other software products. In 2017, Global Specimen Solutions, Inc. was listed as a Labcorp subsidiary. On August 31,