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Oracle acquires Waltham’s Phase Forward for $685 Million April 18, 2010

Posted by HubTechInsider in Acquisitions, Startups.
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The Oracle Corporation has agreed to buy Phase Forward, which makes software used to manage clinical drug trials, for $685 million, the companies said Friday. Oracle, the leading maker of database software, plans to add Phase Forward to its Health Sciences unit. Oracle is paying $17 a share in cash for Phase Forward’s stock, 30 percent more than the $13.08 closing price Thursday. Stock in Phase Forward, which is based in Waltham, Mass., rose $3.72, or 28.4 percent, to $16.80 a share. Stock in Oracle, based in Redwood City, Calif., fell 25 cents to $25.95 a share.


The Phase Forward purchase may help Oracle tap into a growing market for programs that helps make the U.S. health-care system more efficient, said Cross Research analyst Richard Williams. Oracle Chief Executive Officer Larry Ellison, 65, has spent about $42 billion buying 62 companies since January 2005.


Phase Forward delivers its software as a service over the Internet, helping researchers, physicians and regulators access and share data for clinical trials. The company’s programs have been used in more than 10,000 clinical trials by more than 300 companies and organizations, including AstraZeneca Plc, the U.S. Food and Drug Administration, and GlaxoSmithKline Plc.


Phase Forward, founded in 1997, will become part of Oracle’s Health Sciences Global business unit. Oracle, based in Redwood City, California, expects to close the deal in mid-2010.


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