A private investment consortium composed of Elliott Investment Management, Patient Square Capital and Veritas Capital has purchased Syneos Health Inc., a biopharmaceutical services organization, for $43 per share in cash in a transaction valued at approximately $7.1 billion, including outstanding debt.
Syneos’ professionals work across more than 110 countries. The company boasts an understanding of patient and physician behaviors and market dynamics. 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. The company expects to maintain its headquarters in Morrisville, N.C.
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,” comments John Dineen, chair of the Syneos Health board of directors.
Goldman Sachs Bank, UBS Investment Bank, RBC Capital Markets, BMO Capital Markets, HSBC Securities Inc., Wells Fargo Bank, Citigroup, Jefferies LLC, Macquarie Capital, Natixis, and Truist Securities have provided committed financing for the transaction. 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 Millbank LLP and Covington & Burling LLP are serving as legal counsel to Veritas.