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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