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Print Edition StoriesFriday, August 21, 2009
Phase Forward closes deal for Covance unit
By Mass High Tech staff
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Waltham-based Phase Forward, a provider of data management services and products for clinical trials and drug safety, yesterday said that it has completed its acquisition, announced in July, of the Interactive Voice and Web Response Services business of Covance Inc. Phase Forward (NASDAQ: PFWD) purchased the Covance (NYSE: CVD) business unit for $10 million in cash.
As part of the transaction, Phase Forward and Covance, based in Princeton, N.J., agreed that Phase Forward will provide its InForm electronic data capture software and Clarix Interactive Response Technology application to Covance clients.
Phase Forward said the acquisition of Interactive Voice and Web Response Services extends its reach in interactive response technology and “solidifies the strategic relationship between the two organizations.”
On August 13, Phase Forward announced that it is expanding its partnership with Rutherford, N.J.-based SGS Life Sciences Services, which has been a Phase Forward client since 2002.
In another July deal, Phase Forward bought Maaguzi LLC for $11 million in cash. Maaguzi is a provider of web-based, electronic patient reported outcomes (ePRO). The company has operations in Indianapolis, Ind. and Morrisville, N.C..
For 2008, Phase Forward posted revenue of $170.2 million, 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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