Syneos Health to make secondary stock offering of 6M shares

Syneos Health, a combo CRO/CCO, said it plans to make a secondary stock offering of 6 million shares priced to the public at $50.15 per share.

The company expects to close on the offering, which was previously disclosed, by the end of the week. Morgan Stanley is the sole underwriter of the offering.

An automatic shelf registration statement related to the offering of common stock was filed with the SEC in December of 2015. Syneos trades on Nasdaq under the ticker symbol SYNH.

Last week, Syneos reported total second-quarter revenues under GAAP of $1.07 billion and $2.13 billion for the three and 6 months ended June 30, respectively. Syneos, using ASC 606, reported combined company service revenue of $1.08 billion for the quarter and $214 billion for the six-month mark.

"We delivered solid second-quarter results, which were in line with our expectations and appropriately mark the one-year anniversary of our transformative merger," Alistair Macdonald, Syneos’ chief executive, said in a statement. "During the quarter, we successfully leveraged our collaborative cross-selling capabilities to achieve record net awards and revenue in our clinical business, and achieved the first quarter of sequential quarterly growth in our commercial business since the closing of the merger."

Syneos, which rebranded earlier this year, was born out of last year’s $7.4 billion merger of INC Research and inVentivHealth. In June, the new company announced it would collaborate with Elligo Health Research to help identify patients for clinical trials using electronic health records, as well as provide the infrastructure to allow those patients’ physicians to conduct the research in their own offices.

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