Phase Forward Agrees to Be Acquired by Oracle
WALTHAM, Mass., Apr 16, 2010 (BUSINESS WIRE) –Phase Forward Incorporated (NASDAQ: PFWD), a leading provider of data management solutions for clinical trials and drug safety, today announced that it has agreed to be acquired by Oracle for $17.00 per share in cash, representing a valuation of approximately $685 million. 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 acquisition of Phase Forward is consistent with Oracle’s strategy to provide mission-critical applications for key industries.
“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 personalized medicine and value-based healthcare.”
Phase Forward to Report First Quarter Results on April 27th
On April 27th, Phase Forward will issue its financial results for the first quarter 2010, ended March 31, 2010. As a result of the company’s announced acquisition by Oracle Corporation, the company no longer plans on hosting a conference call after the market close on that day.
About Phase Forward
Phase Forward is a leading provider of integrated data management solutions for clinical trials and drug safety. Phase Forward’s products and services have been utilized in over 10,000 clinical trials involving more than 1,000,000 clinical trial study participants at over 300 organizations and regulatory agencies worldwide including: AstraZeneca, Boston Scientific, Dana-Farber Cancer Institute, Eli Lilly, the U.S. Food and Drug Administration, GlaxoSmithKline, Harvard Clinical Research Institute, Merck Serono, Novartis, Novo Nordisk, PAREXEL International, Procter & Gamble, Quintiles, sanofi-aventis, Schering-Plough Research Institute, Servier, SGS, Tibotec and the U.K. Medicines and Healthcare Products Regulatory Agency. Additional information about Phase Forward is available at www.phaseforward.com.
