Syneos Health eyes sale of company as contract backlog shrinks

27 February 2023, 12:00 am

1 min read

Cancer patient Ralph Scannell receives an intravenous dose of Lambrolizumab during a promising cancer treatment clinical trial at UCLA Medical Center in Los Angeles, California August 19, 2013. When Scannell was first diagnosed with brain metastases and an incurable melanoma, he was not expected to live long. Now he flies to Los Angeles from his home in Oklahoma every three weeks for injections of the drug Lambrolizumab, or MK-3475, from which he says he feels no negative side effects. He adds that the drug appears to help his body's immune system fight off his cancer cells, and testing indicates a significant reduction in the number and size of his cancers. He is now continuing to work and is helping some of his colleagues rebuild after their losses in the Oklahoma tornadoes earlier this year. REUTERS/David McNew (UNITED STATES - Tags: HEALTH SOCIETY SCIENCE TECHNOLOGY)

Shares of Syneos Health Inc rose 13% after Reuters exclusively reported that the company is making a new effort to sell itself. The effort comes in the wake of a reduced backlog of contracts for providing clinical research to drug developers that led to a plunge in the value of its shares over the past year. Syneos has hired Bank of America Corp and Centerview Partners LLC for financial advice as it embarks on a new round of talks with potential acquirers that may include industry peers and private equity firms.