Calcutta, April 17: Oracle Corporation will acquire Nasdaq-listed Phase Forward for $685 million.

Phase Forward makes software used to manage clinical drug trials. Oracle, the leading maker of database software, plans to add Phase Forward to its Health Sciences unit.

Oracle will pay $17 per share in cash for Phase Forward’s stock, 30 per cent more than the $13.08 closing price on Thursday.

“The life sciences and healthcare industries are converging as they seek to control costs while accelerating patient-centred innovation. Phase Forward brings products and employees with significant expertise to Oracle that will help enable the delivery of personalised medicine and value-based healthcare,” Neil de Crescenzo, senior vice-president of Oracle Health Sciences, said.

The transaction is subject to stockholder and regulatory approval and other customary closing conditions and is expected to close in mid 2010.

“We look forward to combining our complementary wealth of experience with Oracle Health Sciences,” said Bob Weiler, chairman, president and CEO, Phase Forward.

Phase Forward management and employees are expected to join Oracle as part of the Oracle Health Sciences Global Business Unit.