Syneos Health, Inc., a fully integrated biopharmaceutical solutions organization, has entered into a definitive agreement to be acquired by a consortium of private investment firm affiliates composed of Elliott Investment Management, Patient Square Capital, and Veritas Capital, in a transaction valued at approximately $7.1 billion, including outstanding debt.

The purchase price represents a 24% premium to Syneos Health’s unaffected closing stock price on February 13, 2023, the last trading day prior to media speculation regarding the company.

Completion of the transaction is expected in the second half of 2023. Syneos Health will become a private company and shares of Syneos Health Class A common stock will no longer trade on the Nasdaq. The company expects to maintain its headquarters in Morrisville, NC.

“This agreement is the culmination of a comprehensive review of opportunities available to Syneos Health, including interest from multiple parties with the assistance of independent financial and legal advisors,” said John Dineen, chair of the Syneos Health Board of Directors. “The Syneos Health Board of Directors unanimously determined that this all-cash transaction maximizes value for our shareholders and is in the best interests of the company and all stakeholders. The company has a strong operating foundation, differentiated, integrated solutions and a focus on being committed to customers. We believe this transaction will enable Syneos Health to continue to accelerate its growth strategy, enhance customer delivery and evolve the organization toward a tech-enabled future.”