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Syneos Health
Syneos Health
from Wikipedia

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.

Key Information

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

[edit]

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, NasdaqSYNH.[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

[edit]

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]

References

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from Grokipedia
Syneos Health is a fully integrated solutions organization headquartered in , that provides end-to-end clinical development, medical affairs, and commercial services to pharmaceutical, , and companies worldwide. The company specializes in accelerating the delivery of therapies to patients by combining (CRO) capabilities with commercialization expertise, offering services from early-phase clinical trials through Phase IV studies, including patient recruitment, clinical monitoring, regulatory support, strategies, and sales force optimization. Formed in 2017 through a $7.4 billion merger between INC Research Holdings Inc., a global CRO founded in 1998, and inVentiv Health Inc., a provider of commercial services established in 2001, Syneos Health rebranded in 2018 to reflect its unified approach to . The merger created one of the largest players in the industry, enabling integrated solutions that span the entire . In 2023, the company was taken private in a $7.1 billion transaction led by firms and Patient Square Capital. With approximately 26,000 employees across more than 110 locations in 40 countries as of , Syneos Health reported annual of approximately $5.4 billion in 2023, underscoring its scale in the pharmaceuticals and healthcare sector. The has contributed to the development or commercialization of 92% of novel drugs approved by the U.S. (FDA) from 2019 to 2023, and 96% of novel drugs approved by the FDA during that period, highlighting its significant impact on therapeutic advancements particularly in areas like and .

History

Formation through merger

INC Research was founded in 1998 as a (CRO) specializing in management and development services for companies. The company focused on Phase I through Phase IV trials, with expertise in therapeutic areas such as disorders and , and expanded globally to operate in over 50 countries by the mid-2010s. A significant milestone came in 2014 when INC Research went public through an on the under the ticker "INCR," raising approximately $150 million to support further growth. inVentiv Health was established in 1999 as a full-service provider of commercialization services to the life sciences industry, including sales, marketing, and communications support for drug launches and . The rapidly expanded through strategic acquisitions, such as the 2012 purchase of SDI's promotional and medical audit businesses from to bolster data-driven marketing capabilities, and the 2011 acquisition of clinical development outsourcing units from Ingenix to enhance its service portfolio. By the late , inVentiv had become a major player in contract commercial organization (CCO) services, employing thousands across multiple continents. The merger between INC Research and inVentiv Health was announced on May 10, 2017, and successfully completed on August 1, 2017, forming a combined entity with an enterprise value of approximately $7.4 billion, including debt. This all-stock transaction valued inVentiv Health at an enterprise value of about $4.6 billion and resulted in the creation of an integrated solutions provider under the new brand Syneos Health, effective January 4, 2018. The initial headquarters were established in , leveraging the combined workforce of over 21,000 employees. The strategic rationale for the merger was to address fragmentation in the services sector by combining INC Research's clinical development expertise with inVentiv Health's strengths, enabling end-to-end solutions from early-stage through market launch and beyond. This integration aimed to accelerate therapy delivery to patients, enhance therapeutic depth in complex areas like and rare diseases, and provide biopharma clients with a single partner for streamlined operations amid increasing regulatory and market pressures.

Key acquisitions and expansions

In 2020, Syneos Health significantly expanded its capabilities through the acquisition of Synteract, a full-service (CRO) specializing in emerging biopharma companies, for $400 million in cash. This deal, completed in December 2020, added expertise in Phase I-IV trials, particularly in small-molecule development and , while enhancing Syneos Health's service offerings for small- to mid-sized biopharma clients. Synteract was integrated as a dedicated business unit, retaining its brand and leadership to support seamless operations and drive opportunities across Syneos Health's global footprint. Later that year, Syneos Health acquired Illingworth Research Group in December 2020, bolstering its decentralized services with a focus on home-based and community-centered research models. This addition improved access and retention in trials, aligning with growing industry demands for flexible trial designs amid the . In , the company further strengthened its engagement infrastructure by acquiring StudyKIK in September, a technology platform for and retention. StudyKIK's digital tools enhanced Syneos Health's ability to connect diverse communities with trials, scaling efficiency and supporting functional service provision in clinical development. Beyond acquisitions, Syneos Health pursued by deepening its presence in high-potential therapeutic areas, including rare diseases and , through dedicated consortia and specialized teams established during 2019-2022. The company expanded its and (RWE) capabilities via internal investments and a 2021 partnership with Aetion, enabling advanced analytics for regulatory-grade insights from real-world data. These efforts included technology platform enhancements in data analytics to support evidence generation in , rare diseases, and cell/gene therapies, fostering innovation in trial design and post-approval surveillance. These strategic moves contributed to robust financial performance, with growing from $4.39 billion in to $5.39 billion by 2022, reflecting expanded market reach and integrated biopharma solutions. The acquisitions and organic initiatives particularly accelerated growth in the clinical segment, where net new business awards increased amid rising demand from emerging biopharma sectors.

Transition to private ownership

In May 2023, Syneos Health announced an agreement to be acquired by a consortium of private investment firms—, Patient Square Capital, and —for an enterprise value of approximately $7.1 billion. Under the terms, shareholders received $43.00 per share in cash, representing a 24% premium to the company's unaffected closing stock price of $34.68 on February 13, 2023, the last trading day prior to media speculation about a potential sale. The transaction, approved by stockholders in August 2023, closed on September 28, 2023, resulting in Syneos Health's delisting from the Global Select Market and transition to private ownership. This move was positioned to enable the company to pursue long-term strategic investments in and transformation without the short-term pressures of public markets. Following the acquisition, Syneos Health underwent leadership changes to support its strategic evolution. In October 2023, Colin Shannon was appointed chief executive officer, succeeding interim CEO Michelle Keefe and bringing extensive experience from prior roles at and . Shannon's tenure focused on integrating advanced technologies to enhance service delivery. In October 2024, Costa Panagos succeeded Shannon as CEO, with Shannon transitioning to executive chairman; Panagos, a veteran in contract research organizations from his time at , was tasked with driving growth in biopharmaceutical solutions. These shifts aligned with the company's emphasis on , including AI and data-driven approaches highlighted in its December 2024 2025 Health Trends report, which explores how , , and digital tools are reshaping clinical development, research, and precision medicine. As a private entity through 2025, Syneos Health has maintained uninterrupted operations, continuing to provide integrated biopharmaceutical services while issuing quarterly Biopharma Business Development reports to track industry dealmaking trends, such as oncology partnerships, obesity investments, and funding shifts in Q1 and Q2 2025. The privatization has reinforced a focus on end-to-end asset development, from clinical trials to commercialization, allowing for accelerated adoption of tech-enabled solutions amid evolving biopharma demands.

Operations

Clinical development services

Syneos Health provides full-service clinical development solutions encompassing Phase I through IV trials, managing all aspects from protocol design and to patient recruitment, monitoring, and . These services include risk-based monitoring that detects issues 20% faster than traditional methods and resolves 40% of queries centrally, leveraging proprietary tools for efficient investigator payments and site performance optimization. The company supports over 1,700 studies using (EDC) systems and emphasizes operational excellence in complex therapeutic areas such as , where it has contributed to 96% of novel oncology drugs approved by the FDA in recent years. In , rare diseases, and cell and gene therapies, Syneos Health offers specialized expertise through dedicated programs like the Oncology Academy for rater training and the Consortium for streamlined clinical development. For cell and gene therapies, the company addresses challenges in manufacturing, logistics, and regulatory compliance for treatments targeting genetic disorders and cancers. Early-phase research focuses on Phase I/IIa studies in state-of-the-art units in and the , while functional service provider (FSP) models such as FSP 360 provide flexible, scalable staffing and outsourcing tailored to specific needs, including hybrid and non-traditional services. Drug safety and services cover and post-marketing surveillance globally, including individual case safety report (ICSR) processing, periodic safety update reports (PSURs), development safety update reports (DSURs), and plans, with as the core priority. Syneos Health integrates advanced technologies like AI and to optimize trials, including Protocol AI for generative analysis of past protocols, predictive modeling for enrollment , and real-time monitoring for and site performance. These tools support generation and decentralized trial strategies to accelerate recruitment and retention. The company's scale includes involvement in the development or commercialization of 92% of novel drugs approved by the FDA from 2019 to 2023, with global trial execution supporting customers in more than 110 countries. This integrated clinical approach facilitates seamless transitions to commercialization services for end-to-end drug lifecycle management.

Commercialization and consulting services

Syneos Health provides full-service commercialization solutions designed to support companies in launching products by integrating launch planning, force deployment, and strategies. These services function as a "commercial " for emerging companies, helping to reduce risks, manage costs, and optimize performance through flexible deployment models that combine in-house teams with outsourced expertise. The offerings include scalable teams for new brand launches and mature product enhancement, leveraging predictive insights and behavioral science to drive market success. Additionally, value and access solutions provide custom consultations to navigate payer demands, incorporating field managers and case managers to facilitate market entry. The company's consulting services focus on biopharma advisory in areas such as , , and portfolio , enabling clients to evaluate viable commercialization paths. Through the Commercial Advisory Group, Syneos Health applies a disciplined approach to brand , connecting clinical outcomes to economic impacts via and outcomes research (HEOR). Dealmaking intelligence is delivered through quarterly biopharma reports that analyze licensing, M&A trends, oncology partnerships, and investments in areas like treatments. Innovative models like Syneos One offer an integrated, insights-driven approach to asset development, combining strategy and execution from early concept through to maximize value. Digital health solutions emphasize patient engagement platforms and empathy-driven technologies, particularly for s, where AI and accelerate discovery, , and recruitment while fostering with patient communities. Syneos Health has supported product launches in obesity treatments, addressing market access challenges for GLP-1 drugs, and in genetic medicines, mainstreaming therapies for chronic diseases through data-technology fusion. In 2025 trends, the company highlights how integrating data, AI, and empathetic design is reshaping healthcare, from research to enhanced patient-provider connections in genetic therapies. Clinical development data informs these efforts by providing evidence for strategies.

Corporate affairs

Leadership and governance

Syneos Health's executive leadership is headed by Costa Panagos, who assumed the role in October 2024. Panagos brings over 25 years of experience in the (CRO) sector, most recently serving as Executive Vice President and Global Head of CRO Solutions at , where he drove growth in clinical development and commercialization services. The executive team includes Colin Shannon as Executive Chairman, who previously served as CEO from October 2023 to October 2024 and has a proven track record in operational and talent development from his prior role as Chairman and CEO of . Michael Brooks serves as , overseeing strategy execution across the clinical-to-commercial continuum, while Michael Bonello acts as , leading financial growth initiatives with over 30 years of experience, including 15 in . Following its in September 2023 by a consortium led by and Patient Square Capital, Syneos Health's reflects private equity-influenced , comprising representatives from the investing firms alongside independent members with deep operational expertise in services. The board maintains standard committees, including , compensation, and nominating/, to oversee financial reporting, executive pay, and strategic direction. Key board members include private equity nominees such as James Momtazee from Patient Square Capital and figures focused on biopharma innovation. Recent leadership transitions have emphasized stability and innovation amid the shift to private ownership. Shannon's appointment as CEO in October 2023 occurred shortly after the privatization closed, succeeding interim leader Michelle Keefe to support accelerated growth. Panagos' 2024 hire further strengthens the team, with a mandate to advance AI-enabled insights and end-to-end biopharma solutions. Under current leadership, Syneos Health prioritizes customer-centric integrated models that span clinical development to commercialization, alongside robust talent development programs to foster expertise in like AI. This approach aims to enhance operational efficiency and client outcomes in the biopharma sector.

Global presence and workforce

Syneos Health is headquartered in , . The company maintains approximately 88 offices across more than 110 countries on five continents, enabling a broad global footprint to support clients. Major operational hubs include several locations in Europe, such as in the and , as well as key sites in the region, including and , to facilitate localized service delivery. This extensive network has been enhanced by strategic acquisitions that expanded its international reach. As of late 2025, Syneos Health employs around 29,000 professionals worldwide, spanning diverse roles in clinical development, , solutions, and consulting. The workforce is organized into core segments—Clinical Development, , and Consulting—with dedicated regional teams ensuring tailored, compliant operations in various markets. Post-COVID-19, the company has prioritized hybrid work models, offering employees flexibility through a mix of remote and on-site arrangements to balance collaboration and well-being. Syneos Health fosters a commitment to (DEI) through employee resource groups and inclusive practices that support and a sense of belonging. Sustainability efforts are guided by environmental, social, and governance (ESG) principles, emphasizing responsible operations, , and health advancement. The organization invests in employee training programs focused on trends and competency-based skills, particularly in clinical monitoring and emerging technologies. It also actively participates in industry events, such as the SCOPE Summit 2025, where teams demonstrate innovations in clinical operations and patient access.

Securities litigation

Syneos Health has faced multiple securities lawsuits alleging that the company and its executives made false or misleading statements about its business performance, particularly regarding the on its operations, backlog, and . One such , filed in 2023 in the U.S. District Court for the Southern District of New York (Case No. 1:23-cv-06548), claims that these misrepresentations led to an artificial inflation of the company's stock price, followed by a sharp decline when the true extent of uncollectible receivables—estimated at nearly $3 billion—was revealed. The case remains ongoing as of June 2025. In a related 2023 ruling, the U.S. Court of Appeals for the Fourth Circuit affirmed the dismissal of another shareholder stemming from optimistic projections around the 2017 merger, finding the statements not actionable as .

Employment litigation

Syneos Health has been the subject of several employment-related . In Bigelow v. Syneos Health, LLC (filed October 2019 in the U.S. District Court for the Middle District of , Case No. 3:19-cv-01145), a former employee alleged that the company interfered with rights under the Family and Medical Leave Act (FMLA) by denying promotions and career advancement to employees who took protected leave. The lawsuit sought but was resolved or dismissed by 2020 without detailed public outcomes on certification. Additionally, starting in 2023, multiple lawsuits accused Syneos Health of wrongful termination and in connection with its mandate implemented in September 2021. In Morris et al. v. Syneos Health, Inc. (filed June 2023 in the U.S. District Court for the Eastern District of , Case No. 5:23-cv-00304), former employees claimed they were fired despite applying for exemptions based on disabilities or sincerely held religious beliefs, violating VII and the Americans with Disabilities Act. In September 2024, the court partially dismissed claims, including those of one plaintiff, and compelled for others, but allowed core allegations to proceed. Similar suits, such as Sulander v. Syneos Health, LLC (2025) and Royer v. Syneos Health, LLC (filed January 2025), raised comparable issues and remain pending as of November 2025.

Contract disputes

In 2023, Syneos Health was involved in an with FSD Pharma over a recruitment valued at approximately $4 million. The panel found that Syneos failed to use commercially reasonable efforts to meet enrollment targets for FSD-201 but also ruled that FSD breached the agreement by withholding payments. Each party claimed partial victory, with no final monetary award details publicly disclosed.

References

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