- Syneos Health Inc SYNH reported the first quarter of FY23 revenues of $1.357 billion, beating the analyst consensus of $1.28 billion. Revenues inched up 1.5% year over year.
- The integrated biopharmaceutical solutions company posted an adjusted EPS of $0.75, -25.7% Y/Y, beating the analyst consensus of $0.66.
- The company has entered into a definitive agreement worth $7.1 billion to be acquired by a private investment consortium consisting Elliott Investment Management, Patient Square Capital, and Veritas Capital. The deal value represents $43 apiece in Syneos Health, in cash.
- Also Read: Syneos Health Close To Being Acquired For $7B - Elliott, Patient Square and Veritas Investment Consortium Lead Deal
- The acquisition includes Syneos Health's outstanding debt. As of March 31, 2023, the company's long-term debt was $2.61 billion.
- The deal value represents a 24% premium to Syneos Health's unaffected closing stock price on February 13, 2023, the last trading day before media speculation regarding the company started.
- Completion of the transaction is expected in the second half of 2023. Upon completion of the transaction, Syneos Health will become a private company, trading no longer on the bourses.
- "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," said John Dineen, Chair of the Syneos Health Board of Directors.
- Price Action: SYNH shares are up 8.74% at $41.81 during the premarket session on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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