Oracle Corp. (NSDQ:ORCL) agreed to pay $17 per share in cash, or about $685 million, to acquire Phase Forward Inc. (NSDQ: PFWD).

The deal, expected to close in mid-2010, will see the Waltham, Mass.-based clinical trial data management provider integrated into the global health sciences division Oracle established in June 2008.

Phase Forward posted a net loss of $68,000 on sales of $58 million for the three months ended Dec. 30, 2009, compared to more than $2 million in net income on sales of $48 million for the same period in 2008. Full-year net income fell by 38 percent to $8 million, compared with nearly $14 million during 2008. The company reported $213 million in sales during 2009, compared with $170 million during 2008. At the time, Phase Forward said it expected to post earnings of $56 million to $57.5 million on sales of $240 million to $248 million during the first quarter.

The company is slated to report those results April 27, but canceled a conference call to discuss the release due to the pending buyout, according to a press release.

Phase Forward shares were trading at $16.82 in early-morning trading, up nearly 29 percent from an April 15 close of $13.08.