Biopharmaceutical research and commercialization company Syneos Health is set to be acquired by Elliott Investment Management, Patient Square Capital and Veritas Capital for $43 per share, or $7.1 billion.
The acquisition price represents a 24 percent premium from the last day Syneos traded. The deal is formally expected to close in the second half of 2023, according to a May 10 Syneos news release.
"We have long appreciated Syneos Health's leadership position in serving large pharma and biotech customers globally, across both clinical development and commercialization," Senior Elliott Portfolio Manager Marc Steinberg said in the release. "Syneos Health is at an important stage in its evolution. We look forward to partnering with Patient Square and Veritas, as well as the talented team at Syneos Health, to further reinforce the company's core capabilities and help drive its next phase of growth."