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03/2026

CLARIO HOLDINGS acquired by THERMO FISHER SCIENTIFIC

UNITED STATES Healthcare Services / CRO / Clinical Trials EV $5–15bn

Context

Thermo Fisher Scientific has finalized the acquisition of Clario Holdings, Inc. from a prominent shareholder consortium led by Astorg, Nordic Capital, Novo Holdings, and Cinven. The strategic rationale for this transaction centers on the deep integration of the target's industry-leading endpoint data platform into the group's Laboratory Products and Biopharma Services segment. This fusion effectively creates a specialized powerhouse in clinical research, allowing the organization to offer a unified, digital-first infrastructure for capturing and validating clinical evidence from molecule to market. By pairing sophisticated data intelligence with its existing clinical research organization services, the buyer can now deliver unrivaled insights into therapeutic safety and effectiveness.

CLARIO HOLDINGS, which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of 15x–25x, representing a premium to the average currently observed in the Healthcare & Pharma sector (14.3x).

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Target

Clario operates as a premier technology organization dedicated to providing high-fidelity endpoint data solutions for the global clinical trial landscape. The entity’s business model is centered on a proprietary digital platform that integrates patient data from diverse sources, including medical devices, clinical sites, and direct patient reporting. Its value proposition is anchored in technical operational depth, ensuring that pharmaceutical and biotech sponsors can collect, manage, and analyze complex clinical evidence across all phases of drug development. Strategically, the firm focuses on the digital modernization of clinical trials, providing the critical data infrastructure required for regulatory approval and pharmaceutical innovation. By maintaining a specialized focus on the convergence of technology and clinical science, the organization ensures a mission-critical role in the structural efficiency of novel therapy commercialization. The entity prioritizes data integrity and industrialized analytical standards to facilitate the structural advancement of patient health outcomes.

Ent. Value

$5–15bn

Equity Value

[members only]

Multiples

EV / Revenue

4x–10x

EV / EBITDA

15x–25x

EV / EBIT

[members only]

Historical Financials (USD)

Year
Rev
EBITDA
EBIT
2025
$1–10bn
$250–500M
[members only]
2024
$1–10bn
$250–500M
[members only]

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REFERENCES

Valuation range: EV $5–15bn

Revenue range: $1–10bn

EBITDA range: $250–500M

EV/Revenue range: 4x - 10x

EV/EBITDA range: 15x - 25x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of CLARIO HOLDINGS by THERMO FISHER SCIENTIFIC are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Acquirer: thermo fisher scientific