Phase Forward Completes Acquisition of Covance’s Interactive Voice and Web Response Services Business
August 20 2009 - 12:05PM
Business Wire
Phase Forward (NASDAQ: PFWD), a leading provider of data
management solutions for clinical trials and drug safety, today
announced that it has completed its previously announced
acquisition of the Interactive Voice and Web Response Services
(IVRS/IWRS) business of Covance Inc. (NYSE: CVD). Phase Forward
purchased the Covance business unit for $10 million in cash. As
part of the transaction, Phase Forward and Covance have entered
into a multi-year marketing agreement to provide Phase Forward’s
market-leading InForm™ electronic data capture (EDC) solution and
Clarix™ Interactive Response Technology (IRT) application as the
preferred EDC and IRT solutions to Covance clients.
Originally announced July 15, 2009, the acquisition adds further
momentum to Phase Forward’s IRT efforts and solidifies the
strategic relationship between the two organizations.
About Covance
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 10,000
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, SGS, Tibotec and the U.K. Medicines and
Healthcare Products Regulatory Agency. Additional information about
Phase Forward is available at www.phaseforward.com.
Cautionary Statement
Certain statements made in this press release that are not based
on historical information are forward-looking statements which are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. This press release
contains express or implied forward-looking statements relating to,
among other things, Phase Forward’s expectations and assumptions
concerning financial performance of Phase Forward following the
consummation of its acquisition of Covance’s IVRS/IWRS business,
Phase Forward’s ability to achieve expected synergies as a result
of the acquisition and the strengthening of Phase Forward’s market
position as a result of the acquisition. These statements are
neither promises nor guarantees, but are subject to a variety of
risks and uncertainties, many of which are beyond Phase Forward’s
control, which could cause actual results to differ materially from
those contemplated in these forward-looking statements. In
particular, the risks and uncertainties include, among other
things, Phase Forward’s inability to successfully integrate
Covance’s IVRS/IWRS business and its employees into Phase Forward
and achieve expected synergies; Phase Forward’s ability to
accurately forecast the acquisition-related restructuring costs and
allocation of the purchase price, goodwill and other intangibles,
and acquisition related and other asset adjustments; costs
associated with and consequential to the acquisition and
integration of Covance’s IVRS/IWRS business and benefits realized
from the acquisition; Phase Forward’s ability to convince
prospective customers to adopt its solutions; competition; changing
customer requirements; governmental regulation; fluctuations in
Phase Forward operating results; Phase Forward’s dependence on a
limited number of customers or suppliers; product performance;
third party service interruptions or delays; technology failures;
Phase Forward’s ability to maintain customer relationships and
contracts; product liability or intellectual property infringement
claims brought against Phase Forward; acquisitions; and the
volatility of the market price of Phase Forward’s common stock.
Existing and prospective investors are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date hereof. Phase Forward undertakes no obligation to
update or revise the information contained in this press release,
whether as a result of new information, future events or
circumstances or otherwise. For additional disclosure regarding
these and other risks faced by Phase Forward, see the disclosure
contained in Phase Forward’s public filings with the Securities and
Exchange Commission including, without limitation, its most recent
Annual Report on Form 10-K.
Phase Forward (NASDAQ:PFWD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Phase Forward (NASDAQ:PFWD)
Historical Stock Chart
From Jul 2023 to Jul 2024