Medidata grabs software deal with Purdue Pharma
Medidata Solutions ($MDSO) has nailed down more business from a major pharma outfit. Purdue Pharma, known for making the pain drug OxyContin, has inked a multiyear deal with Medidata, expanding use of Medidata's software for clinical trials.
The news comes on the heels of upbeat financial results last week from New York-based Medidata, which increased its fourth-quarter 2012 revenue 24% to $58.6 million. Last year the company revealed deals with French pharma giant Sanofi ($SNY) and Japanese drugmaker Otsuka Pharmaceutical, while Medidata's stock price rallied up more than 150% over the past 12 months, giving the company a market cap of about $1.3 billion.
Those are big names and numbers in the growing market for clinical trials software, where Medidata CEO Tarek Sharif has steered the company to challenge its larger rival Oracle ($ORCL) and win deals while advancing a cloud computing platform that has become increasingly popular among some customers.
Purdue has opted to adopt new software from Medidata after a productive three years of using the tech company's products, including its cloud platform.
"After seeing the results we were able to achieve with Medidata's Clinical Cloud, we have enthusiastically embraced a number of new capabilities," said Charles Willmer, senior director of clinical systems, Purdue, in a statement.
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