Syneos Health (NASDAQ:SYNH), the contract clinical research giant, has today officially announced it is getting acquired by a private consortium of investment firms composed of Elliott Investment Management, Patient Square Capital, and Veritas Capital.
The $43 per share, all-cash deal values the company at around $7.1B billion, including outstanding debt, and represents a 24% premium to SYNH's closing price on February 13th, 2023 - the last day before rumors of negotiations have surfaced.
"We believe this transaction will enable Syneos Health to continue to accelerate its growth strategy, enhance customer delivery and evolve the organization toward a tech-enabled future" - said John Dineen, Syneos' Board Chair.
Jim Momtazee of Patient Square called the company "a strong foundation to build upon, always providing unparalleled service to clients," while Ramzi Musallam, CEO of Veritas said they look forward to "driving investment in the Company to underscore Syneos Health’s position as a market leader and to enhance its ability to deliver medical innovations to patients across the globe.”
The parties intend to complete the transaction in the second half of 2023. The deal remains subject to the approval of Syneos shareholders and the satisfaction of certain closing conditions, including regulatory approvals.