Syneos Health Inc.’s stock SYNH soared 9% in premarket trade Wednesday, after the biopharma services company said it has agreed to be acquired by a private investment consortium for about $7.1 billion in cash. Under the terms of the deal, the consortium of Elliott Investment Management, Patient Square Capital and Veritas Capital will pay $43 per Syneos Health stock, equal to a 24% premium over the stock’s closing price on Feb. 13, the last trading day prior to media reports of a possible deal. “We have long appreciated Syneos Health’s leadership position in serving large pharma and biotech customers globally, across both clinical development and commercialization,” said Senior Portfolio Manager, Marc Steinberg, on behalf of Elliott. The deal is expected to close in the second half. It has been approved by the Syneos board which will recommend that shareholders vote in favor at a special meeting that is yet to be scheduled. Once the deal is completed, the Morrisville, N.C.-based company will be private and its stock will no longer trade on Nasdaq.
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