PE Deals

Investor consortium to take biopharma firm Syneos Health private for $7.1bn

According to the terms of the deal, shareholders will receive $43 per share in cash.

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  • When the transaction closes, Syneos Health will stop trading on the NASDAQ
  • The deal is expected to close in the second half of 2023
  • Centerview Partners and BofA Securities are serving as financial advisors to Syneos Health

An investor consortium comprised of Elliott Investment Management, Patient Square Capital and Veritas Capital, has agreed to acquire Morrisvile, North Carolina-based Syneos Health, a biopharmaceutical solutions company, in a take-private deal for about $7.1 billion.

According to the terms of the deal, shareholders will receive $43 per share in cash.

When the transaction closes, Syneos Health will stop trading on the NASDAQ.

“Based on first-hand experience in the industry, we are huge believers in the value that contract research and commercial organizations provide to their clients by accelerating and maximizing the likelihood of clinical success and optimizing a product’s potential to impact patients,” said Jim Momtazee, managing partner of Patient Square, in a statement. “We have followed the journey of Syneos Health for years and believe the company and its world-class employees provide a strong foundation to build upon, always providing unparalleled service to clients.”

The deal is expected to close in the second half of 2023.

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.

Elliott Investment Management L.P. manages approximately $55.2 billion of assets as of December 31, 2022.

Patient Square Capital invests in the healthcare sector.

Veritas has over $40 billion of assets under management. The firm invests in companies that provide critical products, software, and services, primarily technology and technology-enabled solutions, to government and commercial customers worldwide.