September 28, 2023
Syneos Health Closes Transaction with Private Investment Firms
September 28, 2023
MORRISVILLE, N.C., September 28, 2023 – Syneos Health, Inc. (“Syneos Health” or the “Company”), a leading fully integrated biopharmaceutical solutions organization, today announced the completion of its acquisition by a consortium of private investment firm affiliates composed of Elliott Investment Management L.P., Patient Square Capital and Veritas Capital.
As a result of the transaction, Syneos Health is now a privately held company. With the support of its new private investors, the Company will be poised to further accelerate its transformation, fuel investments in technology that better differentiate its integrated solutions and expand its commitment to better serve customers.
Under the terms of the transaction, Syneos Health stockholders will receive $43.00 in cash for each share of Syneos Health common stock they hold (without interest and subject to any applicable withholding taxes or other amounts required to be withheld under applicable law).
The transaction was originally announced on May 10, 2023, and received approval from Syneos Health stockholders on August 2, 2023. As a result of the completion of the transaction, shares of Syneos Health common stock were removed from listing on the Nasdaq Stock Market, with trading in Syneos Health shares suspended prior to the opening of business today.
Further information about the transaction can be found in a Form 8-K filed with the SEC today by Syneos Health.
About Syneos Health
Syneos Health® is a leading fully integrated biopharmaceutical solutions organization built to accelerate customer success. We translate unique clinical, medical affairs and commercial insights into outcomes to address modern market realities.
We bring together a talented team of professionals, who work across more than 110 countries, with a deep understanding of patient and physician behaviors and market dynamics.
Together we share insights, use the latest technologies and apply advanced business practices to speed our customers’ delivery of important therapies to patients.
Syneos Health supports a diverse, equitable and inclusive culture that cares for colleagues, customers, patients, communities and the environment.
About Elliott Investment Management
Elliott Investment Management L.P. manages approximately $59.2 billion of assets as of June 30, 2023. Founded in 1977, it is one of the oldest investment managers of its kind under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. For more information, please visit https://www.elliottmgmt.com/.
About Patient Square Capital
Patient Square Capital (www.patientsquarecapital.com) is a dedicated health care investment firm that partners with best-in-class management teams whose products, services and technologies improve health. Patient Square utilizes deep industry expertise, a broad network of relationships and a partnership approach to make investments in companies grow and thrive. Patient Square invests in businesses that strive to improve patient lives, strengthen communities, and create a healthier world.
About Veritas Capital
Veritas is a longstanding technology investor with over $40 billion of assets under management and a focus on companies operating at the intersection of technology and government. The firm invests in companies that provide critical products, software, and services, primarily technology and technology-enabled solutions, to government and commercial customers worldwide. Veritas seeks to create value by strategically transforming the companies in which it invests through organic and inorganic means. Leveraging technology to make a positive impact across vitally important areas, such as healthcare, education, and national security, is core to the firm. Veritas is a proud steward of national assets, improving the quality of healthcare while reducing cost, advancing our educational system, and protecting our nation and allies. For more information, visit www.veritascapital.com.
Certain statements contained in this press release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words “predicts,” “plans,” “expects,” “anticipates,” “believes,” “goal,” “target,” “estimate,” “potential,” “may,” “might,” “could,” “see,” “seek,” “forecast,” and similar words. All statements, other than historical facts, including statements regarding the Company’s future results, strategy and operations as a private company, are forward-looking statements. The forward-looking statements are based on the Company’s current plans and expectations and involve risks and uncertainties which are, in many instances, beyond its control, and which could cause actual results to differ materially from those included in or contemplated or implied by the forward-looking statements. Such risks and uncertainties include, among others: the effect of the transaction on the ability of the Company to retain and hire key personnel and maintain relationships with its key business partners and customers, and others with whom it does business, or on its operating results and businesses generally; and the risk factors set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 as updated by the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, and its other filings with the Securities and Exchange Commission, copies of which are available free of charge on the Company’s website at investor.syneoshealth.com. The Company assumes no obligation and does not intend to update these forward-looking statements, except as required by law.