Phase Forward inked a data capture deal with clinical trial services provider PharmaNet Development Group Inc. and announced a $40 million share repurchasing program.
The deal will see Princeton, N.J.-based PharmaNet offer Phase Forward’s electronic data capture solution to its medical device, biotech and pharmaceutical clients. The deal is based on the synergy between Waltham, Mass.-based Phase Forward’s InForm EDC offering and PharmaNet’s clinical trial expertise, according to PharmaNet Late Stage Development president Thomas Newman.
The companies have worked together for several pharma customers, Newman said.
It’s the second deal in as many days for Phase Forward, which landed a Food & Drug Administration contract Nov. 2 to to provide its WebSDM software and Empirica Study clinical trials signal detection system to the watchdog agency.
The company also said that its board of directors approved a plan to buy back as much as $40 million worth of its own stock over the next 12 months.
Phase Forward posted posting net earnings of $1.2 million on sales of $53.1 million during the third quarter, beating Wall Street’s adjusted earnings forecasts by a penny.