New York-listed consulting and outsourcing firm Accenture Plc (NYSE:ACN) said it had agreed to buy US Octagon Research Solutions Inc, which provides clinical and regulatory information management solutions for the pharmaceutical industry.
The buyer did not reveal any details about the purchase price, but said the deal would help it deliver better solutions to its customers operating in the pharmaceutical industry. In addition, the acquisition will widen Accenture’s product portfolio.
With 380-strong headcount, Octagon is deeply experienced in clinical data services and regulatory submissions. It is also the fifth-largest user of the US Food and Drug Administration’s (FDA) electronic submission gateway. Following its takeover, the company will be integrated into Accenture’s Life Sciences division.
Given customers’ need to cut the time necessary for drug development and approval and get pharmaceuticals on the market sooner, the combination of the two companies fits perfectly well, David Boath, North America’s managing director for Accenture’s Life Sciences division, said.
Octagon’s chairman and chief executive James Walker believes that the marriage will combine industry expertise with global footprint and will help clients bring products to the market at lower cost and in a safe way.
The transaction, which needs regulatory clearance, is scheduled to close within two months.
Wayne, Pennsylvania-headquartered Octagon, set up in 1999, has operations in USA, London, the UK, and Bangalore, India. It offers a wide range of outsourced services, strategic consulting and innovative technology, thus improving and making the whole drug development lifecycle more effective.
Accenture serves clients in over 120 countries worldwide. Its net revenue for the fiscal year ended 31 August 2011 amounted to of USD25.5bn (EUR20.8bn).