Investment Group to Acquire CRO Syneos Health for $7.1 Billion
A consortium of private investment firms is poised to buy CRO giant Syneos Health for approximately $7.1 billion.
The private investment group, comprised of Elliott Investment Management, Patient Square Capital and Veritas Capital, will purchase Syneos in an all-cash transaction that includes paying off the CRO’s outstanding debt, reported to be around $3 billion.
Raleigh, N.C.-headquartered Syneos, a leading global CRO that claims to serve clients in more than 110 countries, was born through a 2017 merger between inVentiv Health and INC Research.
The Syneos deal is another in a continuing trend of consolidation in the CRO space as sponsors’ need for outsourced services increases. The industry’s top CROs saw a historic single-year growth rate of 17 percent between 2020 and 2021, according to the Tufts Center for the Study of Drug Development (CenterWatch Weekly, Nov. 7, 2022).