Oracle to acquire medical software firm Phase Forward for $685 million
16 Apr 2010
Software major Oracle is acquiring Phase Forward, a provider of applications for life sciences companies and healthcare providers for $685 million to expand in the life sciences and healthcare business.
Massachusetts-based Phase Forward, ranked 20th on the Fortune Small Business 100 list, owns SaaS-based Integrated Clinical Research Suite that manages clinical development and safety processes from Phase 1 clinical trials through regulatory submission and post-approval monitoring.
It also owns 'electronic patient diary' technology that allowed patients to record data into handheld computers for inclusion into the main database relating to a clinical trial.
Its InForm electronic data capture software that is used to collect data relating to the conduct, management and progress of clinical trials is used by pharma majors like and Boston Scientific and AstraZeneca.
Oracle will pay Phase Forward $17.00 per share in cash, a 30-per cent premium over yesterday's closing price of $13.08.
Redwood City, California-based Oracle, which finally got an unconditional approval for its $7.4-billion acquisition of computer maker Sun Microsystems in January, said that the acquisition will complement the assets to its subsidiary Oracle Health Sciences.
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