As part of the transaction, Lucid Group is looking to provide its healthcare clients with an “end-to-end partnership across the development and commercialization journey.”
The Synetic deal marks Lucid Group’s second acquisition backed by its investment partner Intermediate Capital Group (ICG). In June 2021, Lucid Group acquired U.S.-based strategic brand consultants, DiD.
The strategic healthcare communications company stated that it remains active in pursuing future M&A opportunities and will continue to work with ICG to identify opportunities to build out its capabilities, expand its international footprint and bolster its people development offering.
Lucid Group was founded in 2007, represents pharma and biotech clients and has more than 400 employees. The company also stated that other areas for further expansion include strategic consulting, medical communications, patient/consumer advertising and health economics and outcomes research.
“Our goal has been to purposefully design an organisation with the capabilities to have a transformational impact for clients’ organisations, for their medicines and for the patients who will ultimately benefit from them,” Lucid Group CEO Dennis O’Brien said in a statement. “We have been searching for a consultancy with the right capability, ambition and culture to help make this a reality. I believe we have created an entirely new proposition, an end-to-end partnership which can disrupt the standard agency model, challenge traditional thinking and bring something genuinely exciting to our clients.”
Synetic, which has offices in the U.S. in addition to its London headquarters, was founded in 2020 and has a focus in the therapeutics space.
“We are excited about our future with Lucid and our ability to achieve so much more together,” Synetic CEO Matthew McLoughlin said in a statement. “This combination will enable us to support clients all the way from strategy through design of operating models to seamless implementation at the portfolio and asset level. In addition to the successful track record and growth of Lucid, what also stood out for us was that we share a very similar mission and vision for our businesses.”