Syneos Health to acquire Synteract
Syneos Health, a company combining contract research organization (CRO) and contract commercial organization (CRO) capabilities, has inked an agreement to acquire Synteract, a biopharma-focused CRO. The acquired company offers expertise in oncology, rare and orphan diseases, neuroscience, dermatology, and pediatrics.
Synteract’s current client base consists primarily of pre-revenue companies, a segment in which Syneos is keenly interested in seeking growth opportunities. Synteract currently has 700 employees in North America, Europe, Asia Pacific and Africa, reportedly having supported more than 4,000 Phase I-IV clinical trials across 26,000 sites in more than 60 countries.
The acquisition is intended to bolster Syneos Health’s standing in the market, especially customers in the small- to mid-size (SMID) range, to diversify its customer base and increase support to the growing pre-revenue sector. Syneos Health reportedly has experienced strong SMID demand with double digit year-over-year pipeline growth, and expects the growth to continue.
When the transaction is complete (expected by the end of 2020), Synteract will maintain its brand, operating as a Syneos Health Business Unit. Syneos Health CEO Alistair Macdonald said Synteract ranks among the leading mid-size, late-stage-focused CROs, with a global customer base.
“With Synteract, we will strengthen our leadership across the entire SMID category while we continue to drive growth among large biopharma customers,” Macdonald said. “We share operating and cultural philosophies built around finding the best combination of product, process and technology to fuel innovation.”
Synteract customers on the hunt for new product development and commercialization options will have access to Syneos One, a platform designed to provide comprehensive end-to-end capabilities to maximize asset value.
Steve Powell, Synteract CEO, said, “Joining Syneos Health combines our emerging biopharma expertise and expands our differentiated delivery model. We are excited to join the Syneos Health team, as they provide increased global scale, service breadth and the technology infrastructure that will drive continued growth."
In July, Syneos Health signed a three-year agreement to provide drug development services with pharmaceutical giant Pfizer, with an option to extend an additional two years. Earlier this year, Synteract acquired Clindata’s human-health biometrics division, in a move intended to expand its geographical reach and technological capabilities.
