Rebranding Frenzy
Now that QuintilesIMS became IQVIA after the megamerger, INC Research/inVentiv Health decided that it had to follow suit in its own megamerger. The latter has now been rebranded as Syneos Health four months after the completion of the $7.4 billion merger.
According to Angus Liu writing in Fierce Biotech, the new name, which was developed by branding agency Addison Whitney, addresses two kinds of information. “Syn” connotes the synchronization of clinical and commercial capabilities, and “neo” signifies a new approach to biopharma solutions, in the words of Syneos officials.
As CEO Alistair Macdonald, who regarded the new name as an indication of synergies and innovative ways of working at the new company, per the merger, explained, “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. 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.”
The merger of INC Research and inVentiv Health was Fierce Biotech’s top story of 2017, by a clear margin, according to writer Ben Adams. It took place in May 2017, about a year after Quintiles and IMS Health came together in their massive $19 billion megamerger.
According to the company’s website, “The coming together of INC Research and inVentiv Health as one global company, called Syneos Health™, has created the industry’s only true end-to-end solution. This one entity combines world-renowned clinical research and commercialization capabilities with today’s most advanced science, business and data technologies to make real advances possible. We help you improve performance, reduce risk and expedite delivery of healthcare innovation to patients worldwide.”
Syneos has 21,000 employees engaged in clinical and commercial development. The brand signifies “a thoughtful merger combining industry-leading Contract Research Organization (CRO) and Contract Commercial Organization (CCO) capabilities,” the website says. “Purpose-built for modern biopharmaceutical market realities, Syneos Health is the only fully integrated, end-to-end biopharmaceutical solutions organization.”
In November, Macdonald said the company was “on track to achieve the $100 million annual cost savings by 2020.” He added that there is a great deal of interest in Syneos’s combination of service offerings and insights, especially in the small- to mid-size market segment. The company has created viable methods for the clinical and commercial segments to support each other. For instance, he explained, behavioral insights can facilitate clinical trial recruitment, and therapeutic savvy can interest hard-to-reach stakeholders. With the name change that started January 9, the company has been traded on Nasdaq under the ticker “SYNH.”
