Amulet Capital Partners has agreed to sell its Synteract, a contract research organization for biotech and pharmaceutical companies. The buyer is Syneos Health. The purchase price is $400 million, according to a source familiar with the transaction.
GREENWICH, Conn.–(BUSINESS WIRE)–Amulet Capital Partners, LP (“Amulet”), a middle-market private equity investment firm based in Greenwich, CT, focused exclusively on the healthcare sector, announced today that it has entered into a definitive agreement to sell its portfolio company, Synteract Inc. (“Synteract” or the “Company”), a leading contract research organization (CRO) that supports biotech and pharma companies across all phases of drug development, to Syneos Health, Inc. (“Syneos Health”) (NASDAQ: SYNH).
Amulet acquired Synteract in May 2016 and recruited industry veteran Steve Powell, who joined the Company as CEO in 2017. The executive team organized the Company around centers of development in the high-growth therapeutic areas of oncology, dermatology, neuroscience, pediatrics and rare and orphan diseases, while also expanding the Company’s global delivery capacity across three continents. In partnership with Amulet, Synteract drove significant organic growth through increased focus on its core emerging biopharma customer segment, reinforced by enhanced operational and commercial initiatives. This organic growth, together with three accretive acquisitions—Cu-Tech, KinderPharm and ClinData—resulted in a more than doubling of EBITDA under Amulet’s ownership.
“This transaction marks the culmination of a very successful partnership with Amulet. Synteract achieved outstanding financial growth and market recognition over the last four years,” said Synteract CEO Steve Powell.” The Synteract team is very proud of our collective accomplishments. We are honored and humbled that Syneos Health, the leading end-to-end biopharmaceutical product development organization, recognizes the value of our business and our differentiated value proposition to emerging biopharma customers.”
Ramsey Frank, Partner and Co-Founder of Amulet said, “We would like to congratulate and thank Steve Powell, Karl Deonanan and the entire management team. Synteract has become a dramatically better company under their leadership.” Partner Nick Amigone added, “Amulet was proud to support Synteract in its value creation initiatives around organic growth, accretive M&A and operational excellence.”
Jefferies LLC acted as sole financial advisor to Synteract on the transaction, and Skadden, Arps, Slate, Meagher and Flom LLP provided legal counsel.
“Bringing Clinical Trials to Life” represents Synteract’s commitment to engage with drug developers, patients, investigators, and regulatory experts, to bring insights to action and make better therapies a reality. Synteract supports biotech and pharma companies across all phases of drug development with multi-disciplinary teams and deep expertise. Synteract has conducted nearly 4,000 studies on six continents in over 62 countries. Synteract offers notable depth of expertise in oncology, dermatology, general medicine, neuroscience, pediatrics, and rare and orphan diseases. Connect on LinkedIn and Twitter.
About Amulet Capital Partners, LP
Amulet Capital Partners, LP is a middle-market private equity investment firm based in Greenwich, CT, focused exclusively on the healthcare sector. Amulet seeks to achieve long-term capital appreciation through privately negotiated investments in companies. Amulet Capital Partners focuses on those segments it believes have the most attractive long-term fundamentals with a target investment size generally between $25 million to $150 million. For additional information, please visit www.amuletcapital.com.