Companies Sign Multi-Year Marketing Agreement, Phase Forward Becomes
Covance’s Preferred Solution Provider for Electronic Data Capture and
IVRS/IWRS
WALTHAM, Mass.--(BUSINESS WIRE)--Aug. 20, 2009--
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.
Source: Phase Forward
Phase Forward
Elaine Maynard, 781-902-4371
elaine.maynard@phaseforward.com
or
ICR
Timothy
Dolan, 617-956-6727
timothy.dolan@icrinc.com
