Covance to Sell Its Interactive Voice and Web Response Services and Enter Into a Multi-Year Marketing Agreement with Pha...( PRINCETON N.J. July 15 /-...)

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
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