An investment consortium, including Patient Square Capital, has agreed to acquire Syneos Health Inc. for approximately $7.1 billion. The consortium, which also includes Elliott Investment Management and Veritas Capital, will take Syneos Health private in the deal. The acquisition is expected to close in the second half of 2023, pending regulatory approvals.
Syneos Health is a leading provider of clinical research and commercialization services to the pharmaceutical and biotechnology industries. The company has a global presence, with operations in more than 110 countries. Syneos Health's services include clinical development, commercialization, and consulting.
The investor group's acquisition of Syneos Health comes at a time of growing demand for clinical research and development services. The COVID-19 pandemic has highlighted the importance of the pharmaceutical and biotechnology industries, and the need for effective treatments and vaccines.
Patient Square Capital is a leading healthcare investment firm, focused on backing innovative companies in the healthcare sector. The firm was founded by former executives from hedge fund manager, Third Point LLC. Patient Square Capital has invested in a number of companies across the healthcare spectrum, including pharmaceuticals, medical devices, and healthcare IT.
Elliott Investment Management is a global investment firm, with more than $40 billion in assets under management. The firm has a long history of investing in a wide range of industries, including healthcare, technology, and real estate. Elliott has a reputation for taking an active approach to its investments, often seeking to influence management and strategy.
Veritas Capital is a private equity firm, focused on investing in companies that provide critical products and services to the government and commercial sectors. The firm has a portfolio of companies across a range of industries, including healthcare, aerospace and defense, and technology.
The acquisition of Syneos Health by the investor group is expected to provide the company with additional resources and expertise, enabling it to continue to grow and expand its services. The investor group has a track record of successfully investing in healthcare and technology companies, and is expected to bring significant experience and knowledge to Syneos Health.
Syneos Health's stock surged 19% in extended trading following the announcement of the acquisition. The deal is subject to approval by Syneos Health's shareholders, as well as regulatory approvals.
Patient Square Capital has been active in the healthcare sector in recent years, investing in a number of companies and launching a portfolio company, Elevage medical Technologies, aimed at supporting young biotechs. The firm's investment in Syneos Health is expected to further strengthen its position in the healthcare industry.
In conclusion, the acquisition of Syneos Health by an investor group including Patient Square Capital, Elliott Investment Management, and Veritas Capital is a significant development in the healthcare industry. The deal is expected to provide Syneos Health with additional resources and expertise, enabling it to continue to grow and expand its services. The investor group has a strong track record of successfully investing in healthcare and technology companies, and is expected to bring significant experience and knowledge to Syneos Health.