Phase Forward to be bought by Oracle
Phase Forward Inc has agreed to its acquisition by Oracle
Provider of data management solutions for clinical trials and drug safety, Phase Forward Inc has agreed to its acquisition by Oracle for $17.00 per share in cash, representing a valuation of approximately US $685m (£445m). The transaction is subject to stockholder and regulatory approval and other customary closing conditions and is expected to close in mid-2010.
Bob Weiler, chairman, president & ceo of Phase Forward, said: ‘Deployed in over 10,000 clinical trials, Phase Forward's software has been used successfully by hundreds of customers to accelerate innovation in drug development and patient care delivery. We look forward to combining our complementary wealth of experience with Oracle Health Sciences.’
Phase Forward management and employees are expected to join Oracle as part of the Oracle Health Sciences Global Business Unit. The combination is expected to enable researchers, clinical development professionals, physicians, regulators and patients to more effectively and securely capture, contribute, access and share data.
"The life sciences and healthcare industries are converging as they seek to control costs while accelerating patient-centered innovation," said
Neil de Crescenzo, senior vice president and General Manager, Oracle Health Sciences. ‘Phase Forward brings outstanding products and employees with significant expertise to Oracle that will help enable the delivery of personalised medicine and value-based healthcare.’
