May 7, 2021

Novo Holdings portfolio company SYNLAB with successful start of trading on the Frankfurt Stock Exchange

Novo Holdings portfolio company SYNLAB AG (“SYNLAB” or “the Group”), the largest European clinical laboratory and medical diagnostic services company, completed its successful listing on the Regulated Market (Prime Standard) of the Frankfurt Stock Exchange (“FSE”) on 30 April 2021.

Christian Salling, Senior Partner at Novo Holdings, commented: “SYNLAB has been on an impressive journey during our ownership, and management has done an outstanding job of creating a leading, international diagnostics services provider. Furthermore, SYNLAB has been at the forefront of the fight against Covid-19 since the beginning of the outbreak and quickly stepped up to face this considerable challenge. We at Novo Holdings are very proud to be part of that journey. SYNLAB is an excellent example of our strategy of investing in quality companies with strong management teams and demonstrates the strength of our engaged ownership model, that we exercised together with leading investment partners. We are very pleased with the company’s accomplishments to date and congratulate the team on this important milestone.”

Novo Holdings’ initial investment in SYNLAB was in 2016 and Christian Salling becomes a member of the Board of Directors.


In total, 42.9 million shares were placed as part of the initial public offering. The total offer volume reached EUR 772 million with an expected free float of 19%, assuming full exercise of the Greenshoe option. At the IPO price of €18.00 per share, the implied market capitalization was €4.0 billion, and the implied enterprise value amounted to €5.9 billion. The stock trades under the trading symbol SYAB, the German securities code (WKN) A2TSL7, and the international securities identification number (ISIN) DE000A2TSL71.

In a fragmented medical diagnostics market, the SYNLAB AG executed on more than 100 add-on transactions and expanded its presence to an additional eight countries, including market entries in Latin America and Africa. Today, the Group is active in 36 countries globally and the only player with a presence in the five largest European markets. Over the past year, its scale and flexibility enabled SYNLAB to quickly ramp up SARS-CoV-2 testing capacity across its markets and contribute to fighting the COVID-19 pandemic as a key part of the medical infrastructure.

SYNLAB grew its revenues to €2.6 billion in fiscal year 2020. EBITDA increased to €679 million in the same period.


In 2015, funds advised by Cinven acquired the Germany-based SYNLAB and French medical diagnostics provider Labco at a combined enterprise value of €2.9 billion. Following the successful merger of the two companies under the joint SYNLAB brand, Cinven and co-investors Novo Holdings and Ontario Teachers’ Pension Plan Board supported the company on its organic and M&A-driven growth strategy. Under the leadership of Dr. Bartl Wimmer, founder of SYNLAB, and since 2018 of CEO Mathieu Floreani, SYNLAB consistently focused on a strategy of customer-centric medical excellence to drive organic growth.

About Novo Holdings A/S

  • Novo Holdings is recognized as a leading life science investor with a focus on creating long-term value. As a life sciences investor, Novo Holdings provides seed and venture capital to development-stage companies and takes significant ownership positions in growth and well-established companies. Novo Holdings also manages a broad portfolio of diversified financial assets. For more information:

About SYNLAB Group

  • SYNLAB Group is the largest European clinical laboratory and medical diagnostic services provider by revenue and number of tests. SYNLAB offers a full range of innovative and reliable medical diagnostics for patients, practising doctors, clinics and the pharmaceutical industry.

  • Providing the leading level of service within the industry, SYNLAB is the partner of choice for diagnostics in human and veterinary medicine. The Group continuously innovates medical diagnostic services for the benefit of patients and customers.

  • SYNLAB operates in 36 countries across four continents and holds leading positions in most markets. More than 20,000 employees (FTE), including over 1,200 medical experts, as well as a large number of other specialists such as biologists, chemists and laboratory technicians, contribute every day to the Group’s worldwide success. SYNLAB carries out approximately 500 million laboratory tests per year and achieved Group revenues of EUR 2.6 billion in 2020.

  • More information can be found on

About Cinven

  • Cinven is a leading international private equity firm focused on building world-class global and European companies. Its funds invest in six key sectors: Business Services, Consumer, Financial Services, Healthcare, Industrials and Technology, Media and Telecommunications (TMT). Cinven has offices in New York, London, Frankfurt, Paris, Milan, Madrid, Guernsey and Luxembourg.

  • Cinven takes a responsible approach towards its portfolio companies, their employees, suppliers, local communities, the environment and society.

  • For additional information on Cinven please visit

About Ontario Teachers’

  • The Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is the administrator of Canada’s largest single-profession pension plan, with $221.2 billion in net assets (all figures at December 31, 2020). It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an annual total-fund net return of 9.6% since the plan’s founding in 1990. Ontario Teachers’ is an independent organization headquartered in Toronto. Its Asia-Pacific region offices are located in Hong Kong and Singapore, and its Europe, Middle East & Africa region office is in London. The defined-benefit plan, which is fully funded, invests and administers the pensions of the province of Ontario’s 331,000 active and retired teachers. For more information, visit