MORRISVILLE – Publicly-traded Syneos Health® (Nasdaq: SYNH) is buying a technology-enabled clinical trial recruitment and retention company, StudyKIK.
Irvine, CA-headquartered StudyKIK was founded in 2014 and now services more than 3,800 research sites, providing patient recruitment and retention technology, according to a statement issued by Syneos Health this week.
“StudyKIK’s patient-first focus, combined with their innovative enterprise platform, helps to advance our goal of bringing best-of-breed insights and technology-enabled solutions to biopharma customers, sites and patients,” said Alistair Macdonald, CEO, Syneos Health in a statement.
Macdonald noted that the acquisition is intended to accelerate product development and increase efficiencies in recruitment, engagement, access, and patient diversity.
StudyKIK, through its technology platform, has demonstrated the capabilities to accelerate clinical trials up to 94% and reduce enrollment startup time by 75%, the company noted in a statement.
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More than 6 million patients are encompassed in the StudyKIK platform, the company said in a statement.
The purchase extends Syneos Health’s portfolio, the company noted, adding that its “patient-direct, technology-enabled solutions complementing the recent acquisition of Illingworth Research Group, a provider of mobile research nursing services, and the company’s recently announced technology partnerships with Ride Health, Science37 and Medable,” in a statement.
Syneos Health also noted that the acquisition is a strategic one, as it pertains to the growth of the company’s Syneos Health Dynamic Assembly® network, which it defines as “an open ecosystem of best-of-breed data and technology collaborators.”
Syneos Health supports customers in more than 110 countries, the company noted in its statement. The company recently reported second quarter results, noting revenue of $1,282.6 million, which the company said had increased by 6.1% sequentially and 26.6% year-over-year.
The company also noted in its second quarter results that it had repurchased $73.0 million of common stock, and that the company has authorization to repurchase up to an additional $182.5 million in shares through the end of 2022.
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September 15, 2021 at 03:56PM
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