Friday, September 5, 2008

Phase Forward moves forward with $40M buyout of Clarix

By Mass High Tech Staff

Clinical trial technology provider Phase Forward Inc. (Nasdaq: PFWD) acquired Radnor, Pa.-based Clarix LLC for $40 million in cash. Clarix makes web-based clinical trial software, focusing on interactive response technology for managing data during studies.

Phase Forward’s flagship product is its electronic data capture platform, InForm. The tool helps clinical trial conductors record, manage and analyze research data from a variety of sources. The company plans to integrate Clarix’s IRT with InForm.

According to Phase Forward’s president and CEO Bob Weiler, drug development firms and contract research organizations, such as Boston-based Parexel International Corp., are looking to consolidate disparate clinical trial tools.

Thomas Weisel Partners LLC was the company’s financial advisor in the deal.

Clarix had about $2.7 million in revenue in 2007. It is predicting revenue of about $6.3 million for the full year 2008. The Waltham-based company has 500 employees.

Phase Forward reported $29 million in profit in 2007 on $134 million in revenue. Clarix will remain at its current location after the sale, the company stated.