Syneos Health is being acquired by a consortium of private investment firm affiliates composed of Elliott Investment Management, Patient Square Capital and Veritas Capital. Completion of the transaction is expected in the second half of 2023.
The consortium of private investment firm affiliates is acquiring Syneos for $43.00 per share in cash in a transaction valued at approximately $7.1 billion, including outstanding debt. The purchase price represents a 24% premium to Syneos Health’s unaffected closing stock price on February 13, 2023.
Upon completion of the transaction, Syneos Health will become a private company and shares of Syneos Health Class A common stock will no longer trade on the Nasdaq. Syneos expects to maintain its headquarters in Morrisville, North Carolina.
Centerview Partners and BofA Securities are serving as financial advisors to Syneos Health, Ernst & Young LLP provided additional strategic advice and Latham & Watkins LLP is serving as legal counsel. Gibson, Dunn & Crutcher LLP is serving as legal counsel to Elliott, Kirkland & Ellis LLP is serving as legal counsel to Patient Square and Milbank LLP and Covington & Burling LLP are serving as legal counsel to Veritas.
Syneos Health is a NASDAQ listed American multinational contract research organization (CRO) based in Morrisville, North Carolina. In 2022, Syneos Health reported a total revenue of $5.4 billion, and EBITDA of approximately $650.4 million.
According to data captured in the LevinPro HC database, this represents the 13th CRO acquisition of 2023. This is on par with 2022 when there were also 13 CRO transactions announced between January 1, 2022, and May 10, 2022. The acquisition of Syneos Health also marks the fourth largest healthcare deal of 2023.
