Covance Inc. has signed an agreement to sell its Interactive Voice & Web Response Services (IVRS/IWRS) business to Phase Forward. The two companies have also entered into a multi-year marketing agreement to provide Phase Forward's EDC solutions and IVR/IWR services to Covance clients for five years. The sale, subject to certain closing conditions, is expected to close by the end of August.
Covance will also collaborate with Phase Forward on EDC technology used in the management of trials, including bedside data capture, electronic diaries, and other technologies used to help 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 chief executive officer of Covance. "We are delighted to broaden our relationship with Phase Forward to include market leading IVRS/IWRS technology for clinical trials. 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."
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