WALTHAM, Mass. — Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, announced a definitive agreement to acquire Clario Holdings, Inc., a leading provider of endpoint data solutions for clinical trials. The purchase from a shareholder group led by Astorg, Nordic Capital, Novo Holdings, and Cinven is valued at $8.875 billion in cash at closing, with additional earnout and contingent payments tied to future performance.
Clario integrates clinical trial endpoint data from devices, sites, and patients, allowing pharmaceutical and biotechnology customers to digitally collect, manage, and analyze clinical evidence across all phases of drug development. Its platform has supported about 70 percent of FDA drug approvals in the past decade. For full-year 2025, Clario is expected to generate approximately $1.25 billion in revenue and employs about 4,000 people globally.
“Clario is an outstanding strategic fit, enabling faster, more informed drug development through differentiated technology and data intelligence solutions,” said Marc N. Casper, chairman, president, and chief executive officer of Thermo Fisher Scientific. “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.”
Casper added, “We’ve long admired Clario and this acquisition underscores our disciplined capital deployment strategy, which has a proven track record of creating shareholder value. We look forward to welcoming Clario’s colleagues to Thermo Fisher.”
Chris Fikry, M.D., chief executive officer of Clario, said, “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 deep relationships with leading pharma and biotech companies will fuel growth of our comprehensive clinical trial platform. We are certain this will benefit our clients and, ultimately, patients.”
The acquisition will create significant advantages for pharma and biotech customers as demand for high-quality endpoint data continues to rise amid increasingly complex clinical trials. Clario’s digital platform complements Thermo Fisher’s clinical research offerings, enabling faster decision-making, greater productivity, and accelerated innovation in drug development.
It will also strengthen Thermo Fisher’s digital and data capabilities, enhancing the company’s use of artificial intelligence to improve data-driven insights, accelerate clinical research, and increase efficiency across the drug development process. These expanded capabilities will help customers bring new therapies to patients faster and improve returns on R&D investments.
The transaction is expected to deliver attractive financial returns, with immediate accretion to adjusted earnings per share and a double-digit internal rate of return. Thermo Fisher expects to generate approximately $175 million in adjusted operating income from synergies by the fifth year after closing, primarily driven by revenue growth opportunities unlocked through the combined capabilities.
In addition to the initial cash payment at closing, Thermo Fisher has agreed to pay $125 million in January 2027 and up to $400 million in performance-based earnout payments across 2026 and 2027.
The transaction is expected to close by mid-2026, subject to customary closing conditions and regulatory approvals. Thermo Fisher will finance the acquisition through a combination of debt and cash on hand. Upon completion, Clario will become part of Thermo Fisher’s Laboratory Products and Biopharma Services segment.
