Pfizer has signed up for a new three-year deal, with the option for this to be extended to five years, with CRO Syneos Health.
The deal, financials of which were not disclosed, will see Syneos "deliver global product development solutions to support Pfizer's portfolio"—though, as usual with these deals, little extra details were provided.
The pair did say that the CRO will continue to deliver “a broad range of capabilities customized to meet Pfizer’s goals across its portfolio, including full service and FSP solutions.”
It’s been more than two years since INC Research and inVentiv Health came together in a $7.4 billion merger and rebranded as Syneos Health. Back in March, it was rumored to be up for sale, but a pandemic seems to have made those rumors moot.
Pfizer penned a deal with inVentiv four years ago and now extends through its new guise as the merged Syneos. The 2016 deal saw inVentiv named as “one of its preferred partners in the delivery of clinical operations services to support Pfizer's portfolio.”
The CRO saw its shares up around 5% over the past few days on the news.
“Our ability to deliver deep therapeutic expertise, while bringing forward insights that can facilitate shorter and more efficient trials, has proven to be advantageous in our work with Pfizer,” said Paul Colvin, president of Syneos Health Clinical Solutions.
“This new agreement allows us to continue our collaboration to deliver flexible and innovative solutions. We are pleased to expand our Pfizer relationship to optimize their portfolio and deliver on our shared purpose to change patients’ lives.”