Oracle To Buy Phase Forward For $685M: Step To Accelerate Innovation In Drug Development And Patient Care Delivery

oracle to buy phase forward

Oracle Corp., the second largest software manufacturer in the United States, has agreed to acquire Phase Forward Inc., Developer of clinical trials management software. Software runs on multiple platforms. Products are sold to the pharmaceutical, biotech and medical industries. This company was capitalized by venture capital. Oracle announced the deal, Saturday (17/4/2010).

Management of Oracle said they spend 685 million U.S. dollars for purposes of the acquisition phase Forward. Oracle pays 17 dollars per share in cash to shareholders of Phase Forward. The price was 30 percent higher than the price in the stock exchange floor of Phase Forward in the U.S. at the close on Thursday, valued at 13 dollars per share.

Bob Weiler, Chairman, President & CEO of Phase Forward, said, "Deployed in over 10,000 clinical trials, Phase Forward's software has been used successfully by hundreds of customers to accelerate innovation in drug development and patient care delivery. We look forward to combining our complementary wealth of experience with Oracle Health Sciences."

Phase Forward management and employees are expected to join Oracle as part of the Oracle Health Sciences Global Business Unit. The combination is expected to enable researchers, clinical development professionals, physicians, regulators and patients to more effectively and securely capture, contribute, access and share data. The acquisition of Phase Forward is consistent with Oracle's strategy to provide mission-critical applications for key industries.

"The life sciences and healthcare industries are converging as they seek to control costs while accelerating patient-centered innovation," said Neil de Crescenzo, Senior Vice President and General Manager, Oracle Health Sciences. "Phase Forward brings outstanding products and employees with significant expertise to Oracle that will help enable the delivery of personalized medicine and value-based healthcare."

On April 27th, Phase Forward will issue its financial results for the first quarter 2010, ended March 31, 2010. As a result of the company's announced acquisition by Oracle Corporation, the company no longer plans on hosting a conference call after the market close on that day.

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