Phase Forward Buys Covance Business

WALTHAM, Mass. (AP) — Phase Forward Inc., a provider of data management software for drug safety and clinical trials, said Thursday that it has completed its acquisition of Covance Inc.'s interactive voice and Web response services business for $10 million in cash.

As part of the sale, Phase Forward and the drug development services company entered into a multiyear marketing agreement.

Phase Forward said the deal, originally announced in July, will boost its interactive response technology efforts.

In afternoon trading, Phase Forward shares fell 5 cents to $13.05, while Covance shares rose 38 cents to $54.12.