Accenture set to buy life sciences regulatory services provider Octagon
Global management consulting, technology services and outsourcing company Accenture is to acquire Philadelphia-headquartered Octagon Research Solutions, a company that provides clinical and regulatory information management solutions and software for the pharmaceutical industry.
The terms of the deal have not been disclosed, however.
According to Accenture, the purchase of Octagon will enhance its ability to help its pharmaceutical clients achieve more efficient global regulatory submissions so they will be able to get medicines to market more quickly, safely and at a lower cost.
As a result of the Accenture buy, Octagon will be fully integrated into Accenture's life sciences industry group.
Octagon was founded in 1999. With its headquarters based in Wayne, Philadelphia, the company also has operations in Mountain View, California, in London, UK, and in Bangalore, India.
Octagon has a workforce of around 380 employees who operate around clinical data services and regulatory submissions.
In a statement released today, Accenture said Octagon has completed 400 original applications. It said the company is the fifth largest user of the U.S. Food and Drug Administration's (FDA) electronic submission gateway.
"We believe that the timing is perfect for this acquisition as our clients are increasingly under pressure to reduce the drug development and approval timelines to get products to market more quickly, safely and cost effectively," said David Boath, North American managing director for Accenture's life sciences industry group.
He said Accenture's clients have an "urgent" need to focus resources on the scientific breakthroughs and also to improve the efficiency of their clinical and regulatory operations.
"The acquisition will enable Accenture to offer what we view as the industry's first comprehensive regulatory services solution with a global footprint," added Boath.
The Accenture buy is subject to closing conditions, including receipt of required regulatory approvals, and is expected to close within 60 days.
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