IQVIA, a global provider of advanced analytics, clinical research services and technology tools, and Veeva, a provider of cloud-based software for the life sciences industry, announced global clinical and commercial partnerships and the total resolution of all pending legal disputes.
Under the reported terms of the agreement, customers will be able to use software, data, technology and service offerings from both companies.
According to a recent SEC filing, Veeva will make a one-time payment of approximately $31 million to law firms in connection with the settlement of the litigation.
In a statement, the two companies said the partnerships will clear the way for customers to work with them in two vital areas: commercial and clinical.
In the commercial area, the companies created master data and software third-party access agreements that permit IQVIA or Veeva data to be used with each other's software or services in customer instances, such as the use of IQVIA data in Veeva Network for master data management (MDM), Veeva Nitro for analytics and Veeva AI.
Additionally, IQVIA joined the Veeva Technology, AI and Services Partner Programs aimed at supporting customer integrations between Veeva software and IQVIA Analytics and IQVIA Information Management, including MDM, IQVIA Agentic AI and IQVIA Commercial Orchestration offerings.
In the clinical sphere, IQVIA joined Veeva's contract research organization Clinical Data Partner program and can utilize the Veeva Clinical Suite to execute clinical trials using Veeva software products, including study builds with Veeva electronic data capture (EDC).
According to the companies, customers will reap the benefits from "IQVIA's clinical data management, clinical technology offerings and EDC programming expertise with Veeva software to accelerate database builds, study locks and data delivery."
Veeva founder and CEO Peter Gassner noted that his company is committed to supporting "frictionless product and services integration" with IQVIA.
"I am excited about the potential for our clinical and commercial partnerships to create significant value for our shared customers," Gassner said in a statement.
THE LARGER TREND
According to an SEC Commitments and Contingencies filing by Veeva in early 2024, IQVIA filed a lawsuit in 2017 against the company alleging that Veeva "used unauthorized access to proprietary IQVIA data" to improve its software and data products and alleged that Veeva's software was designed to steal IQVIA trade secrets.
IQVIA further alleged that Veeva "intentionally gained unauthorized access to IQVIA proprietary information to gain an unfair advantage in marketing our products and that [it has] made false statements concerning IQVIA’s conduct and [its] data security capabilities."
Furthermore, the SEC filing states, "IQVIA asserts claims under both federal and state misappropriation of trade secret laws, federal false advertising law and common law claims for unjust enrichment, tortious interference and unfair trade practices."
Veeva filed counterclaims alleging that IQVIA, as the "dominant provider of data for life sciences companies, abused monopoly power to exclude Veeva OpenData and Veeva Network from their respective markets."
Additionally, the counterclaims by Veeva alleged that IQVIA engaged in "various tactics to prevent customers from using [its] applications and has deliberately raised costs and increased the difficulty of attempting to switch from IQVIA data to [its] data products."
Last week, in a U.S. Securities and Exchange Commission filing, Veeva wrote it entered into a settlement agreement with IQVIA that resolves all ongoing litigation between the two companies.
Under the terms of the settlement, neither party was required to pay damages to the other party and both parties agreed to dismiss with prejudice all claims and counterclaims currently pending.
The parties also entered into specific agreements to expedite access to each other’s data and software to provide particular products and services to mutual customers.
"Pursuant to previously disclosed, outcome-based fee arrangements with certain law firms that represented us in our litigations with IQVIA, we will be making a one-time payment of approximately $31 million to such law firms in connection with settlement of the litigations," according to the recent filing.
