Thermo Fisher Scientific has announced an agreement to buy Clario Holdings, a leader in digital endpoint data solutions for clinical trials, from a shareholder group led by Astorg, Nordic Capital, Novo Holdings, and Cinven, for $8.875 billion in cash plus up to $400 million in earnout payments based on performance.
Clario’s technologies integrate and analyze clinical trial endpoint data — such as electronic clinical outcomes, imaging, cardiac monitoring, and wearable data — supporting over 70% of FDA drug approvals in the past decade. The acquisition will strengthen Thermo Fisher’s role as a trusted partner to pharma and biotech companies, accelerating the digital transformation of clinical research.
For 2025, Clario is projected to generate $1.25 billion in revenue. Thermo Fisher expects the deal to be immediately accretive to adjusted EPS by $0.45 in the first year and deliver $175 million in operating income synergies by year five.
The deal, funded through a mix of cash and debt, is expected to close by mid-2026, pending regulatory approvals. Upon completion, Clario will become part of Thermo Fisher’s Laboratory Products and Biopharma Services segment.
KEY QUOTES
“Clario is an outstanding strategic fit, enabling faster, more informed drug development through differentiated technology and data intelligence solutions. By adding these high-growth capabilities, we will deliver even deeper clinical insights to our customers and further accelerate the digital transformation of clinical research.”
Marc N. Casper, Chairman, President and CEO, Thermo Fisher Scientific
“This strategic transaction will power the continued expansion of Clario’s differentiated digital endpoint platform and proprietary suite of AI tools. Thermo Fisher Scientific’s global scale and extensive relationships with key decision makers across large pharma and biotech will fuel expansion of our comprehensive clinical trial platform.”
Chris Fikry, M.D., CEO, Clario Holdings, Inc.
