OR WAIT 15 SECS
Companies to Sign Multi-Year Marketing Agreement, Phase Forward to Become Covance's Preferred Solution Provider for Electronic Data Capture and IVRS/IWRS
WALTHAM, Mass-Jul. 15, 2009-Phase Forward (NASDAQ: PFWD), a leading provider of data management solutions for clinical trials and drug safety, today announced that it has signed an agreement to purchase the Interactive Voice & Web Response Services (IVRS/IWRS) business of Covance Inc. (NYSE: CVD) for $10 million in cash. As part of this transaction, Phase Forward and Covance have also agreed to enter into a multi-year marketing agreement to provide Phase Forward’s market leading InForm™ electronic data capture (EDC) solution and Clarix™ interactive response technology solution to Covance clients.
Phase Forward expects the purchase, which is subject to customary closing conditions, to be completed by the end of August.
“Covance and Phase Forward are committed to working together to deliver best-of-class solutions to our clinical trial customers,” said Bob Weiler, chairman and CEO of Phase Forward. “Covance has been a pioneering leader in the IVRS/ IWRS market and we look forward to building upon their success. We are also pleased to solidify our long-term strategic relationship with one of the world’s leading and most successful CROs.”
“Covance remains fully committed to providing our clients with integrated drug development solutions, including advanced technology for supporting clinical trials,” said Joe Herring, chairman and CEO of Covance. “We are delighted to broaden our relationship with Phase Forward, our preferred provider of EDC software for clinical trials, to include market leading IVRS/IWRS technology for clinical trials. We believe our clients will benefit from Phase Forward’s integrated data management platform and Covance’s integrated clinical trial solutions.”
Additional financial details and the projected financial impact of the Covance transaction will be provided on July 27, 2009, when Phase Forward releases its second quarter 2009 results, as well as third quarter and full year 2009 guidance.
Covance, with headquarters in Princeton, New Jersey, is one of the world’s largest and most comprehensive drug development services companies with annual revenues greater than $1.7 billion, global operations in more than 25 countries, and more than 9,800 employees worldwide. Information on Covance’s products and services, recent press releases, and SEC filings can be obtained through its website at www.covance.com.
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 290 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, Tibotec and the U.K. Medicines and Healthcare Products Regulatory Agency. Additional information about Phase Forward is available at www.phaseforward.com.