Phase Forward Agrees to $10M Acquisition, Multi-Year Partnership with Covance
Covance is selling its interactive voice and web response services (IVR/IWR) business to eClinical provider Phase Forward for $10 million cash, and the two companies have entered into a multi-year agreement making Phase Forward a preferred provider for the contract research organization (CRO).
Under the terms of the agreement, Phase Forward will provide electronic data capture (EDC) and IVR/IWR services to Covance clients for the next five years. The two companies expect to close the acquisition by the end of August.
Phase Forward and Covance will also collaborate on the development of future technologies to be used in clinical trials, including EDC, bedside data capture and electronic diaries, with the intent of improving the efficiency of drug development.
"Covance and Phase Forward are committed to working together to deliver best-of-class solutions to our clinical trial customers," said Phase Forward chairman and CEO Bob Weiler in a statement. "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."