Phase Forward, a provider of data management technologies for clinical trials and drug safety, has agreed to be acquired by Oracle for approximately $685 million.

The Waltham, Mass.-based Phase Forward management and employees are expected to join San Francisco-based Oracle as part of its health sciences global business unit. The combination is expected to allow researchers, clinical development professionals, physicians, regulators and patients to capture, contribute, access and share data, according to Oracle and Phase Forward.

"The life sciences and healthcare industries are converging as they seek to control costs while accelerating patient-centered innovation," said Neil de Crescenzo, senior vice president and general manager of Oracle’s health sciences unit.

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