Accenture ($ACN) agreed to acquire Octagon Research Solutions, boosting its ability to aid life sciences clients with clinical data management and regulator submissions. The $26 billion consulting giant didn't disclose how much it will pay for Octagon, a privately held company known for working for the FDA on clinical data conversion and training, as well as being one of the top 5 users of the agency's system for electronic regulatory submissions.
Coupled with its existing life sciences practice, Accenture says Octagon's technology and services enable the consulting company to provide pharma clients with streamlined regulatory submissions. Every bit of wasted time in the biopharma industry can cost companies millions, and Accenture wants to beef up its regulatory services to help life sciences clients efficiently get their products to market. Pharma groups boost their reliance on outsourced services from companies such as Octogon with specialized expertise in certain areas.
"Our clients have an urgent need to focus resources on the scientific breakthroughs and also to improve the efficiency of their clinical and regulatory operations," David Boath, North American managing director for Accenture's life sciences group, said in a statement. "Octagon's capabilities and experience will enable Accenture to provide comprehensive services spanning regulatory operations, submissions management, clinical data conversion and clinical data management. The acquisition will enable Accenture to offer what we view as the industry's first comprehensive regulatory services solution with a global footprint."
Accenture plans to fold Wayne, PA-based Octagon's 380-member organization into its life sciences industry group. In addition to its headquarters near Philadelphia, Octagon has operations in Mountain View, CA, London and Bangalore. Accenture's buyout hinges on meeting certain conditions and is expected to wrap up within 60 days.
- here's the release
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