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Print Edition StoriesWednesday, July 15, 2009
Phase Forward buys Covance business unit
By Mass High Tech staff
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Phase Forward has paid $10 million in cash to buy the Interactive Voice & Web Response Services business of Princeton, N.J.-based drug developer Covance Inc. (NYSE: CVD). The deal includes a multiyear marketing agreement for the Waltham-based data management solutions provider for clinical trials and drug safety.
The marketing deal calls for Covance clients to gain access to Phase Forward’s InForm electronic data capture system and Clarix interactive response technology system. Phase Forward (Nasdaq: PFWD) officials said the business buyout and marketing agreement will be finalized by the end of August. Covance chairman and CEO Joe Herring identified in a press release that Phase Forward is the company’s “preferred provider of EDC software for clinical trials.”
Phase Forward has been on a deal-making spree lately. Last month, the company signed a licensing, support and hosting services deal with GlaxoSmithKline, centered around the InForm Integrated Trial Management Solution.
In April, Phase Forward announced a multiyear, multimillion-dollar extension of an earlier agreement with contract research organization (CRO) Everest Clinical Research Services Inc., also focused around the InForm product.
Phase Forward posted revenue of $170.2 million for 2008, a 27 percent increase from $134.3 million in 2007. The company’s net income, however, was $13.8 million in 2008, down from $29.2 million in 2007.
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