Thermo Fisher Scientific, already a major player in providing services to the biopharmaceutical industry, is expanding its technological capabilities with the $9 billion acquisition from clinical trial software company Clario.
Clinical trials generate large amounts of data that must be analyzed before a pharmaceutical or biotech company decides how to proceed. These results or events are called clinical trial endpoint data. Clario’s technology integrates this data from devices, clinical trial sites and patients during drug development and after a product reaches the market. In its Oct. 29 announcement of the acquisition deal, Waltham, Massachusetts-based Thermo Fisher said analysis of such data is important for making decisions about research and development projects, regulatory actions, and pricing and reimbursement.
Clario’s legacy in collecting data for clinical trials dates back to the early 1970s and grew with merger and acquisition activity over the years. The current version of Clario was formed through the fusion 2021 of ERT (formerly eResearch Technology) and Bioclinica, two private equity-owned clinical trials technology companies. Financial terms of the merger were not disclosed.
Clario is owned by a group of shareholders led by Astorg, Nordic Capital, Novo Holding and Cinven. The company says it has about 4,000 employees in locations around the world and that its offerings have supported clinical trials that have led to more than 700 regulatory approvals. For all of 2025, Clario estimates its revenue will be approximately $1.25 billion. The company did not say whether it is profitable.
Thermo Fisher’s primary presence in clinical trial services is through PPD, the contract research organization (CRO) it acquired four years ago for $21 billion. It also offers contract manufacturing through Patheon, which it acquired in 2017. Investment bank William Blair calls the deal with Clario “a successful acquisition” that further solidifies Thermo Fisher’s position as a preferred partner for the biopharmaceutical industry. In a note to investors, William Blair said Clario’s offerings are highly complementary to Thermo Fisher’s pharmaceutical services, particularly the CRO business. Company analysts expect Thermo Fisher to leverage its existing business relationships to drive adoption of Clario’s products and services.
“Thermo’s acquisition of Clario provides it with a more comprehensive endpoint data solutions platform compared to other leading CROs, creating a significant opportunity for Thermo to cross-sell its CRO services and Clario’s endpoint data solutions to new and existing biopharmaceutical sponsors,” the analysts said in the note.
Clario will become part of Laboratory Products and Biopharmaceutical Services, the largest of Thermo Fisher’s four business segments measured by revenue with $23.1 billion in sales last year. This division offers products and services for laboratories, as well as outsourced services that pharmaceutical and biotechnology companies use in drug development and clinical trials. The last major M&A deal for this segment was the 2023 acquisition of CorEvitas, a company that collects real-world data on drug safety and effectiveness.
Thermo Fisher and Clario expect to complete the transaction by mid-2026. The financial terms of the deal break down to $8.875 million in cash to be paid upon closing of the deal. Thermo Fisher said it will fund the deal with debt financing and cash on hand. The company will pay Clario shareholders an additional $125 million in January 2027. Up to $400 million more could be paid if Clario achieves performance-based milestones in 2026 and 2027.
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