RALEIGH – New name equals new stock symbol.
Its merger with Inventic complete, Raleigh-based INC Research is trading on the Nasdaq under a new symbol, SYNH which reflects its new name: Syneos Health.
The company disclosed its new name on Jan. 4 and began trading under the new name and symbol on Tuesday, Jan. 9.
INC and InVentiv recently wrapped up their merger, which was announced last year, forming a Contract Research Organization (CRO) and Contract Commercial Organization (CCO).
The deal created a life science services firm valued at some $7.4 billion. The two firms said at the time the deal was announced last May that it would make it one of the world’s largest biopharmaceutical service providers. INC went public in 2014. InVentiv was based in Boston.
So what’s the story behind the new name?
“The word Syneos (pronounced SIN-ee-ohs) communicates the value of synchronizing clinical and commercial capabilities to accelerate customer performance. Syneos Health solutions are fully integrated – sharing knowledge, data and insights – to deliver better processes and smarter practices to speed the delivery of biopharmaceutical therapies to market,” the company says.
“The name is also derived from “neo,” signaling a new approach to problem-solving and a new biopharmaceutical solutions category for the healthcare workforce. The company logo communicates the seamless integration of multidisciplinary services, and the color palette is a vibrant orange spectrum, embodying the company’s bold vision.”
The Vision
Syneos remains headquartered in Raleigh with more than 21,000 employees spread across its operations.
“Syneos Health fully expresses our value proposition – that is, our ability to deliver integrated end-to-end solutions and create new paths for our customers to develop and commercialize their therapies,” said Alistair Macdonald, Chief Executive Officer of Syneos, when the name change was announced.
“Unlike traditional CROs and commercialization businesses, we are knocking down walls and enabling clinical and commercial experts to work in sync by using the latest technologies, advanced business practices and the advantages of scale. Our Biopharmaceutical Acceleration Model is unique to the industry, and from this ambitious vision, Syneos Health was born.”
