Covance to Sell Its Interactive Voice and Web Response Services and Enter Into a Multi-Year Marketing Agreement with Phase Forwa
July 15 2009 - 8:46AM
PR Newswire (US)
Phase Forward to Become Covance's Preferred Solution Provider for
Electronic Data Capture and IVRS/IWRS PRINCETON, N.J., July 15
/PRNewswire-FirstCall/ -- Covance Inc. (NYSE: CVD) today announced
it has signed an agreement to sell its Interactive Voice & Web
Response Services (IVRS/IWRS) business to Phase Forward
(NASDAQ:PFWD). In addition, Covance and Phase Forward have agreed
to enter into a multi-year marketing agreement to provide Phase
Forward's electronic data capture solutions and IVR/IWR services to
Covance clients for the next five years. Covance expects the sale,
which is subject to certain closing conditions, to be completed by
the end of August. In addition, Covance intends to collaborate with
Phase Forward on technology that is used in the management and
oversight of clinical trials such as electronic data capture,
bedside data capture, electronic diaries, and other enabling
technologies that have the potential to improve the efficiency of
the drug development process. "Covance remains fully committed to
providing our clients with integrated drug development solutions,
including advanced technology for supporting clinical trials," said
Joe Herring, chairman and CEO of Covance. "We are delighted to
broaden our relationship with Phase Forward, our preferred provider
of EDC software for clinical trials, to include market leading
IVRS/IWRS technology for clinical trials. We believe our clients
will benefit from Phase Forward's industry-leading integrated data
management platform and Covance's integrated clinical trial
solutions. The transaction also allows Covance's management team to
focus more attention and investments on growing our service
offerings in the larger markets we serve." "Covance and Phase
Forward are committed to working together to deliver best-of-class
solutions to our clinical trial customers," said Bob Weiler,
chairman, president and chief executive officer of Phase Forward.
"Covance has been a pioneering leader in the IVRS/IWRS market and
we look forward to building upon their success. We are also
delighted to solidify our long-term strategic relationship with one
of the world's leading and most successful CROs." 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 9,800 employees
worldwide. Information on Covance's products and services, recent
press releases, and SEC filings can be obtained through its website
at http://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.
Additional information about Phase Forward is available at
http://www.phaseforward.com/. Statements contained in this press
release, which are not historical facts, are forward-looking
statements pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. All such Forward-looking
statements including the statement contained herein regarding the
expected closing of the sale and anticipated trends in the
Company's business are based largely on management's expectations
and are subject to and qualified by risks and uncertainties that
could cause actual results to differ materially from those
expressed or implied by such statements. These risks and
uncertainties include, without limitation, the ability to satisfy
the closing conditions to the sale, competitive factors,
outstanding trends in the pharmaceutical industry, levels of
industry research and development spending, the Company's ability
to continue to attract and retain qualified personnel, the fixed
price nature of contracts or the loss of large contracts, and other
factors described in the Company's filings with the Securities and
Exchange Commission. DATASOURCE: Covance Inc. CONTACT: Media
Relations, +1-609-452-2466, or Investor Relations, +1-609-452-4807
Web Site: http://www.covance.com/
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