Syneos Health

Last updated
Syneos Health, Inc.
Company type Public (1996-2023)
Private (since 2023)
Nasdaq: SYNH
Industry
PredecessorsInventiv Health
INC Research
Headquarters
Morrisville, North Carolina
,
U.S.
Key people
Costa Panagos (CEO)
Services
RevenueIncrease2.svg US$5.39 billion (2021)
Increase2.svgUS$5.21 billion (2021)
Increase2.svgUS$266 million (2022)
Number of employees
28,000 (2022)
Website www.syneoshealth.com
Footnotes /references
[1]

Syneos Health (formerly InVentiv Health Incorporated and INC Research) is an American company that provides contract research and commercial services to pharmaceutical and biotechnology companies. Based in Morrisville, North Carolina, the company specializes in helping other companies with late-stage clinical trials, but also provides commercial services to market health treatments.

Contents

Syneos Health was formed from the merger of InVentiv Health and INC Research, each formed from the consolidation of several companies in the contract research industry. It was listed on Nasdaq until 2023 when the company was taken private by Elliott Investment Management. [2]

History

Syneos Health was formed from the merger and acquisition of several companies including InVentiv Health and INC Research. [3]

Through InVentiv Health, part of the company's history can be traced back to Snyder Communications, a company founded by Daniel M. Snyder in the 1980s. Snyder Communications had an initial public offering and began trading in the New York Stock Exchange in 1996.[ citation needed ]

The company formed a healthcare services division, Snyder Healthcare, in 1997 and acquired a number of healthcare related companies that operated or were based in the UK, France, Germany, Ireland, Holland, and Hungary. As of the end of 1998, the company generated more than $320 million in sales per year and employed about 2,800 people in the United States and more than 4,500 in Europe. [4]

In September 1999, Snyder Healthcare was spun off into an independent company called Ventiv Health Inc., [4] [5] with shareholders receiving one share of Ventiv Health Inc. for every two shares of Snyder Communications. [4] [6] Eran Broshy was appointed to serve as chief executive officer and the company began trading on Nasdaq. [4] [7]

In 2005, the company paid $185 million to acquire InChord Communications, a healthcare marketing agency based in Westerville, Ohio. [8] [9] The company subsequently changed its name to InVentiv Health. [10] In 2006, it became listed on the S&P 600 [11] and also acquired for $60 million Adheris Inc. which provides programs for patient persistence and compliance with their prescribed treatment. [12]

In 2010, the company, which at the time was traded on NASDAQ as VTIV, went private with the acquisition by Thomas H. Lee Partners in a deal estimated at $1.1 billion. [13] [14] In January 2018, eight months after INC Research announced plans to acquire it, [15] the firm assumed a new name, Syneos Health, and stock symbol, Nasdaq :  SYNH. [16]

In February 2019, the company announced the SEC had begun an investigation of the company's accounting policies. Syneos Health's 2018 fourth-quarter and year-end reports were delayed. [17] The COVID-19 pandemic lead to increased business for the company because of the "push to develop COVID-19 vaccines and medicines in 2020 and 2021". [18]

In April 2022, Michelle Keefe, who previously worked for two decades at the pharmaceutical Pfizer, was appointed CEO of Syneos Health to succeed Alistair Macdonald who had led the company since 2017. [19] [20] In March 2023, the company signed a multi-year deal to collaborate with Microsoft Research in development of a platform to leverage machine learning for the optimization of clinical trials. [21]

On May 10, 2023, an investment consortium comprising Elliott Investment Management, Patient Square Capital and Veritas Capital, agreed to take Syneos private in a deal worth $4.46 billion, or $7.1 billion including debt. [2] This was completed on September 30, 2023. [22]

On October 9, 2024, Costa Panagos was appointed CEO. [23]

Operations

Syneos Health is currently based in Morrisville, North Carolina. [18] The company's clinical services business specializes in providing contract research for clinical trials to pharmaceutical and biotechnology companies, [24] [25] while the company's commercial services provide marketing and medical affairs for their products. [20] [1] As of the end of 2022, the company's clinical services business contributed to 75% of its revenue and the commercial services contributed to the remaining 25%. [1]

The company generated $4.42 billion in revenue in 2020, $5.21 billion in 2021, [19] and reported $5.39 billion in 2022. [1] Syneos Health employs about 28,000 people in 110 countries. [19]

Related Research Articles

<span class="mw-page-title-main">GE HealthCare</span> American multinational medical technology company

GE HealthCare Technologies, Inc. is an American multinational medical technology company headquartered in Chicago, Illinois. It was spun-off from General Electric on January 4, 2023, with GE retaining 6.7%. As of 2017, it is a manufacturer and distributor of diagnostic imaging agents and radiopharmaceuticals for imaging modalities used in medical imaging procedures. It offers dyes used in magnetic-resonance-imaging procedures; manufactures medical diagnostic equipment, including CT image machines; MRI, X-ray; ultrasound; cath labs; mammogram; Nuclear Medicine Cameras; and develops health technology for medical imaging and information technologies, medical diagnostics, patient monitoring systems, disease research, drug discovery, and biopharmaceutical manufacturing. It was incorporated in 1994 and operates in more than 100 countries.

<span class="mw-page-title-main">TPG Inc.</span> American investment company

TPG Inc., previously known as Texas Pacific Group and TPG Capital, is an American private equity firm based in Fort Worth, Texas. TPG manages investment funds in growth capital, venture capital, public equity, and debt investments. The firm invests in a range of industries including consumer/retail, media and telecommunications, industrials, technology, travel, leisure, and health care. TPG became a public company in January 2022, trading on the NASDAQ under the ticker symbol “TPG”.

IQVIA, formerly Quintiles and IMS Health, Inc., is an American Fortune 500 and S&P 500 multinational company serving the combined industries of health information technology and clinical research. IQVIA is a provider of biopharmaceutical development, professional consulting and commercial outsourcing services, focused primarily on Phase I-IV clinical trials and associated laboratory and analytical services, including investment strategy and management consulting services. It has a network of more than 88,000 employees in more than 100 countries and a market capitalization of US$49 billion as of August 2021. As of 2023, IQVIA was reported to be one of the world's largest contract research organizations (CRO).

Centene Corporation is a publicly traded managed care company based in St. Louis, Missouri, which is an intermediary for government-sponsored and privately insured healthcare programs. Centene ranked No. 25 on the 2023 Fortune 500.

Cision Ltd. is a public relations and earned media software company and services provider. The company is incorporated in the Cayman Islands and headquartered in Chicago, Illinois. Cision offers a portfolio of services including PRNewswire, PRWeb, Brandwatch, Connectively and Canada Newswire.

Tivity Health is an administrator of fitness and wellness services. Tivity Health is headquartered in Franklin, Tennessee and has campuses in Franklin, Tennessee and Chandler, Arizona. The company was founded in 1981 as American Healthways and rebranded to Tivity Health in 2017. Tivity Health acquired Nutrisystem Inc., which included the South Beach Diet brand, in March 2019, and sold the nutrition business to Kainos Capital in October 2020.

Guidehouse, Inc. is an American consulting firm for businesses and government entities. It is the successor to PricewaterhouseCoopers LLP’s public sector business and it was acquired in 2018 by Veritas. The head office is in Tysons, Virginia.

<span class="mw-page-title-main">Thoma Bravo</span> American private equity firm

Thoma Bravo, LP is an American private equity and growth capital firm based in Chicago. It is known for being particularly active in acquiring enterprise software companies and has over $130 billion in assets under management as of 2023.

Athenahealth, Inc. is a privately held American company that provides network-enabled services for healthcare and point-of-care mobile apps in the United States.

<span class="mw-page-title-main">Francisco Partners</span> American private equity firm

Francisco Partners Management, L.P., doing business as Francisco Partners, is an American private equity firm focused exclusively on investments in technology and technology-enabled services businesses. It was founded in August 1999 and based in San Francisco with offices in London and New York City.

<span class="mw-page-title-main">NextGen Healthcare</span> American software and services company

NextGen Healthcare, Inc. is an American software and services company headquartered in Atlanta, Georgia. The company develops and sells electronic health record (EHR) software and practice management systems to the healthcare industry, as part of a range of software, services and analytics solutions for medical and dental practices. On September 7, 2018, Quality Systems, Inc. changed its name to NextGen Healthcare, Inc. and on September 10, their stock ticker symbol changed to NASDAQ: NXGN.

Veradigm Inc. is a publicly traded American company that provides physician practices, hospitals, and other healthcare providers with practice management and electronic health record (EHR) technology. Veradigm also provides products for patient engagement and care coordination, as well as financial and analytics technology. The company has more than 180,000 physician users and has products in 2,700 hospitals and 13,000 extended care organizations. The company formally changed its name from Allscripts to Veradigm in January 2023.

Perficient, Inc. is a global digital consultancy company based in St. Louis, Missouri. The company's efforts include enterprise mobile applications, creative services, marketing, digital strategy, Internet of Things, information technology, management consulting, custom development, and platform implementations.

Catamaran Corporation is the former name of a company that now operates within UnitedHealth Group's OptumRX division. It sells pharmacy benefit management and medical record keeping services to businesses in the United States and to a broad client portfolio, including health plans and employers. Working independently of the government and insurance companies allowed it to operate as a third party verifier; the RxCLAIM online claim processing system allowed for prescription drug claims to be processed online if the customer lived in and filled their prescription in the United States. SXC had three separate but interrelated business segments which dealt with prescription drug programs. For 2013, 23% of company revenue came from Cigna Corporation.

The Gores Group, LLC is a private equity firm specializing in acquiring and partnering with mature and growing businesses. The company was founded in 1987 by its CEO and chairman, Alec E. Gores.

<span class="mw-page-title-main">Vista Equity Partners</span> American investment firm

Vista Equity Partners Management, LLC is an American private equity firm that invests in software, data, and technology-enabled businesses. With over $100 billion in assets under management (AUM), it is one of the largest private equity firms in the world. Vista Equity Partners has invested in hundreds of technology companies, including Citrix, SentinelOne, and Marketo, and has achieved many accolades in the space, most recently being named as 2023's Global Technology Private Equity Firm of the Year by Private Equity International.

Change Healthcare Inc. is a provider of revenue and payment cycle management that connects payers, providers, and patients within the U.S. healthcare system. The name also refers to a company founded in 2007 which subsequently became part of the current conglomerate. The company operates the largest financial and administrative information exchange in the United States.

<span class="mw-page-title-main">Joseph R. Swedish</span> American businessman (born 1951)

Joseph Robert Swedish is an American healthcare executive and leader. He is a former senior adviser to the board of directors at Anthem, Inc., a Fortune 29 company, and was the CEO of Anthem, Inc. from 2013 to 2017. For 12 years in a row Swedish was named Modern Healthcare’s one of the 100 Most Influential People in Healthcare.

<span class="mw-page-title-main">SS&C Technologies</span> American financial technology company

SS&C Technologies Holdings, Inc. is an American multinational holding company headquartered in Windsor, Connecticut, that sells software and software as a service to the financial services industry. The company has offices in the Americas, Europe, Asia, Africa and Australia.

ICON plc is an Irish headquartered multinational healthcare intelligence and clinical research organisation that provides consulting, clinical development and commercialisation services for the pharmaceutical industry. The company is listed on the Nasdaq stock exchange in the united states, and As of June 2023 had approximately 41,160 employees in 108 locations spread across 53 countries.

References

  1. 1 2 3 4 "FORM 10-K: Syneos Health, Inc". www.sec.gov. Retrieved 2023-06-26.
  2. 1 2 "Investment consortium to take Syneos private for $4.46 billion". May 10, 2023 – via www.reuters.com.
  3. ↑ "Merged INC Research, InVentiv rebrand as Syneos | North Carolina Biotechnology Center". www.ncbiotech.org. Retrieved 2024-01-31.
  4. 1 2 3 4 "InVentiv Health, Inc.". International Directory of Company Histories– via Encyclopedia.com.
  5. ↑ "Snyder stock falls sharply amid spinoff plans". CNN Money. July 30, 1999. Retrieved 2023-06-26.
  6. ↑ Behr, Peter (1999-06-24). "Spinoff To Split Snyder In Two". Washington Post. ISSN   0190-8286 . Retrieved 2023-06-26.
  7. ↑ "Snyder Communications spins off health care unit; Daniel Snyder, sister will be co-chairmen; Eran Broshy is CEO". Baltimore Sun. 1999-06-24. Retrieved 2023-06-26.
  8. ↑ "Ventiv Health to acquire InChord Communications". www.bizjournals.com. Retrieved 2023-06-26.
  9. ↑ "Ventiv Health to buy drug consulting firm". The Record from Hackensack. 2005-09-08. Retrieved 2023-06-26.
  10. ↑ "Ventiv Health changes its name". Newspapers.com. 16 March 2006. Retrieved 2023-06-26.
  11. ↑ "Ventiv Health joins SmallCap 600". The Courier-News. March 11, 2006. Retrieved 2023-06-26.
  12. ↑ "Ventiv Health completes deal". The Courier-News. March 2, 2006. Retrieved 2023-06-26.
  13. ↑ "InVentiv Health to be taken private in deal with Thomas H. Lee Partners". www.bizjournals.com. Retrieved 2023-06-26.
  14. ↑ "UPDATE 2-THL Partners to buy InVentiv for $1.1 bln". Reuters. 2010-05-06. Retrieved 2023-06-26.
  15. ↑ "INC Research to buy inVentiv Health in $4.6b deal". www.prweek.com. Retrieved 2023-06-26.
  16. ↑ "INC Research no more – New name, new stock symbol after merger (+ video)". WRAL TechWire. 2018-01-10. Retrieved 2023-06-26.
  17. ↑ Shumsky, Tatyana (2019-02-28). "Syneos Health Discloses SEC Investigation, Delays Filing Annual Report". Wall Street Journal. ISSN   0099-9660 . Retrieved 2023-06-26.
  18. 1 2 Carnevali, David; Sen, Anirban; Sen, Anirban (2023-02-27). "Exclusive: Syneos Health eyes sale of company as contract backlog shrinks-sources". Reuters. Retrieved 2023-06-26.
  19. 1 2 3 "Syneos Health names new CEO as revenues race past $5 billion". www.bizjournals.com. Retrieved 2023-06-26.
  20. 1 2 "Executive Voice: She's in charge now at $5B Morrisville firm Syneos Health". www.bizjournals.com. Retrieved 2023-06-26.
  21. ↑ Keenan, Joseph (20 March 2023). "Syneos in AI-focused pact with Microsoft to speed up trials". Fierce Biotech.
  22. ↑ "Syneos Health Closes Transaction with Private Investment Firms". Syneos Health. Retrieved 2023-12-14.
  23. ↑ "Syneos Health Appoints Costa Panagos as Chief Executive Officer". Globe Newswire. Globe Newswire. Retrieved 22 October 2024.
  24. ↑ "Exclusive: Syneos Health exploring a sale: sources". Reuters. 2020-03-09. Retrieved 2023-06-26.
  25. ↑ Wack, Maria Armental and Chris. "Private Consortium to Buy Publicly Traded Syneos Health in $7.1 Billion Club Deal". WSJ. Retrieved 2023-06-26.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.