The Medical Device Business Journal — Medical Device News & Articles | MassDevice
Phase Forward Inc. (NSDQ:PFWD) is another step closer to merging with software giant Oracle Corp. (NSDQ:ORCL).
The U.S. Dept. of Justice gave the companies clearance to proceed with their $685 million deal, announced in April.
Shareholders of Phase Forward Inc. (NSDQ:PFWD) voted to approve a $685 million acquisition bid from Oracle Corp. (NSDQ:ORCL).
The Waltham, Mass.-based clinical trial data management firm also announced the dismissal of a lawsuit filed by stockholders, accusing the company and its management of breaching their fiduciary duties in agreeing to the merger and seeking to block the deal.
The U.S. Dept. of Justice is investigating Oracle Corp.’s (NSDQ:ORCL) $685 million bid to acquire Phase Forward Inc. (NSDQ: PFWD), according to a filing with the Securities and Exchange Commission.
The Waltham, Mass.-based clinical trial data management provider said it received a “Request for Additional Information” May 27 from the Justice Dept., meaning an extension of the waiting period imposed by the Hart-Scott-Rodino Antitrust Improvements Act of 1976, according to the filing.
Phase Forward Inc. (NSDQ:PFWD) closed out its last quarter as a solo company with mixed results, as first-quarter revenues rose but profits slid.
The Waltham, Mass.-based clinical trial data management provider, which agreed to a $685 million buyout from Oracle Corp. (NSDQ:ORCL) earlier this month, posted sales of $57.2 million for the three months ended March 31, up 17.2 percent compared with $48.8 million during Q1 2009.
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 Inc. (NSDQ: PFWD), having closed a prior, $40 million stock buyback plan, initiated a second, $25 million share repurchasing program.
The Waltham, Mass.-based clinical data management provider said it may repurchase shares “from time to time at prevailing prices in the open market or in negotiated transactions off the market” under the new plan, using cash on hand or generated from future operations to fund the buys.
Phase Forward Inc. (NSDQ:PFWD) paid a small price for success during the fourth quarter, as mounting expenses from a flurry of acquisitions swung it into the black.
The Waltham, Mass.-based clinical data management provider reported a net loss of $68,000 for the three months ended Dec. 30, 2009, compared to more than $2 million in net income for the same period in 2008. Full-year net income fell by 38 percent to $8 million, compared with nearly $14 million during Q4 2008.
Officials attributed the bottom-line drop to non-cash expenses including a $2.3 million impairment charge and a $700,000 increase in the amortization of intangible assets resulting from acquisitions.*
