Philadelphia-based Clario Holdings Inc., which provides endpoint data solutions for clinical trials, is being purchased by Thermo Fisher Scientific Inc. for nearly $8.9 billion in cash at close.
”This strategic transaction will power the continued expansion of Clario’s differentiated digital endpoint platform and proprietary suite of AI tools,” said Clario CEO Dr. Chris Fikry on Oct. 29. “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.
“We are certain this will benefit our clients and, ultimately, patients,” Fikry said.
Thermo Fisher Scientific, which will buy Clario from a shareholder group led by Astorg and Nordic Capital, Novo Holding, and Cinven, said that in addition to the cash at closing, there could be additional earnout and other payments in the future, largely dependent on performance.
“Clario is an outstanding strategic fit, enabling faster, more informed drug development through differentiated technology and data intelligence solutions,” said Marc Casper, chairman, president, and CEO of Thermo Fisher Scientific. “At Thermo Fisher, we come to work every day thinking about how we can further advance our customers’ important work, and 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.”
Clario integrates clinical trial endpoint data from devices, sites, and patients enabling pharma and biotech customers to collect, manage, and analyze clinical evidence digitally across every phase of drug development to support faster, more confident trial decisions. The company’s platform has supported approximately 70 percent of drug approvals over the past decade by the U.S. Food and Drug Administration.
Clinical trial endpoint data refers to the specific outcomes or events that are measured to determine whether the treatment or intervention being studied is effective and safe. Pharma and biotech customers increasingly depend on high-quality endpoint data to evaluate therapeutic safety, efficacy, and value — both during drug development and after approval. This data is essential for regulatory success, evidence-based pricing and reimbursement decisions, as well as R&D pipeline development.
Clario offers solutions such as electronic clinical outcome assessments, medical imaging, respiratory assessments, and wearable data capture technologies. The company operates globally and has approximately 4,000 employees.
For full year 2025, Clario is expected to generate approximately $1.25 billion of revenue.
“We’ve long admired Clario and this acquisition underscores our disciplined capital deployment strategy, which has an outstanding track record of creating shareholder value,” Casper added. “We look forward to welcoming Clario’s colleagues to Thermo Fisher.”
In addition to the initial cash purchase price at closing, Thermo Fisher has agreed to pay $125 million in January 2027, and also agreed to pay up to $400 million of earn-out payments based on the performance of the business in 2026 and 2027.
Thermo Fisher also said that the transaction — which is expected to be completed by the middle of 2026, subject to customary closing conditions and regulatory approvals — will be funded by proceeds from debt financing and cash on hand.
Also upon closing, Clario will become part of Thermo Fisher’s Laboratory Products and Biopharma Services segment.