CRO Sy­neos Health to be ac­quired by a group of pri­vate eq­ui­ty firms for $7B+

The North Car­oli­na-based con­tract re­search or­ga­ni­za­tion Sy­neos Health is go­ing to be ac­quired.

The buy­ers are a con­sor­tium of pri­vate eq­ui­ty in­vestors, in­clud­ing El­liott In­vest­ment Man­age­ment, Pa­tient Square Cap­i­tal and Ver­i­tas Cap­i­tal, Sy­neos said in a press re­lease. They will pay $43 a share in cash, giv­ing the deal a val­ue of $7.1 bil­lion, in­clud­ing debt.

The firms that are scoop­ing up Sy­neos are ma­jor health­care play­ers. Pa­tient Square Cap­i­tal was start­ed by KKR health­care vet­er­an Jim Mom­tazee in 2020 to fo­cus on health­care in­vest­ment and has since been part of in­vest­ment rounds for biotechs such as Apol­lo Ther­a­peu­tics and Shankar Ra­maswamy-led Kriya Ther­a­peu­tics. The fund closed its first fund at $3.9 bil­lion in Feb­ru­ary, mark­ing the largest fund closed by a health­care-fo­cused firm. El­liott In­vest­ment Man­age­ment has al­so in­vest­ed in Big Phar­ma com­pa­nies such as GSK, where it built up a stake in the phar­ma.

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