Lab instruments and reagents giant Thermo Fisher Scientific announced it will acquire pharma and biotech software maker Clario Holdings, Inc. in an all-cash transaction valued at up to $9.4 billion.
The deal consists of an approximate $8.88 billion upfront payment, with additional earn-out payments of up to ~$400 million contingent on performance through 2026-27. Thermo Fisher will pay $125 million in January 2027.
Thermo Fisher’s acquisition of Clario, a provider of clinical trial endpoint data solutions, will expand the company’s reach into the software-, data- and service-driven realm of clinical development. Through the buyout, the company aims to strengthen its clinical research capabilities and accelerate drug development through digital data solutions and advanced technology like AI.
Clario’s suite of endpoint data technologies (imaging, eCOA, motion analysis, cardiac/respiratory endpoints) has supported more than 26,000 trials across more than 100 countries. Clario was founded in 2021 through the merger of health tech companies ERT and Bioclinica.
Related: Top 10 Pharma and Biotech M&As in the Past Decade
Pharma and Biotech M&As in 2025 Roundup
In the news release announcing the acquisition, Thermo Fisher chairman, president and CEO, Marc N. Casper, said: “Clario is an outstanding strategic fit, enabling faster, more informed drug development through differentiated technology and data intelligence solutions.”
He explained that by adding these “high-growth capabilities,” the company will be able to deliver deeper clinical insights to customers and further accelerate the digital transformation of clinical research.
For life sciences customers, Thermo Fisher said the acquisition of Clario significantly broadens its digital and data capabilities to encompass support for clinical trial design. This includes endpoint technology and patient-centric data capture, including eCOA and decentralized or hybrid trial models.
It will also advance its use of AI to speed clinical research, deepen data-driven insights and improve efficiency across drug development to help bring therapies to patients faster.
Clario’s software solutions may help reduce time-to-data, improve the consistency and quality of clinical endpoints and help sponsors de-risk studies earlier through access to richer, multidimensional data streams.
As pharma and biotech sponsors run increasingly complex clinical trials, Thermo Fisher points to the increasing demand for robust endpoint data to evaluate safety, efficacy and value. The company says Clario’s platform complements Thermo Fisher’s clinical research portfolio, enabling customers to extract critical insights from patient data, support sharper decision-making, accelerate innovation and boost productivity.
Clario’s business generated approximately $400 million in adjusted earnings and has been involved in around 70% of all FDA novel drug approvals over the past ten years.
Thermo Fisher says the transaction is expected to be completed by mid 2026. To finance the transaction, the company plans to use funds from debt financing and cash on hand.
Under its ownership, Thermo Fisher is projecting that the business will achieve high single-digit growth. The company anticipates generating approximately $175 million in adjusted operating income within five years of closing, driven primarily by revenue synergies realized through the combined strengths and complementary capabilities of both organizations.
Once the deal closes, Clario will become part of Thermo Fisher’s Laboratory Products and Biopharma Services segment.
Thermo Fisher generates more than $40 billion in annual revenue.
If completed, the deal would represent Thermo Fisher’s largest acquisition since its 2021 purchase of contract research organization PPD $17.4 billion.
In February this year, Thermo Fisher revealed plans to acquire medtech company Solventum’s purification and filtration business in a deal valued at approximately $4.1 billion.
Join or login to leave a comment
JOIN LOGIN