Redwood Shores, Calif.-based Oracle has agreed to acquire Phase Forward, a Waltham, Mass.-based provider of applications for life sciences companies and healthcare providers, for approximately $685 million (or $17.00 per share).
Phase Forward’s SaaS-based Integrated Clinical Research Suite manages clinical development and safety processes from Phase 1 clinical trials through regulatory submission and post-approval monitoring. Through the acquisition, users will be able to more effectively and securely capture, contribute, access and share data, says the company.
Phase Forward management and employees are expected to join Oracle as part of the Oracle Health Sciences Global Business Unit. The transaction is subject to stockholder and regulatory approval and other customary closing conditions and is expected to close in mid 2010.