Thermo Fisher Scientific has completed the acquisition of Clario, a provider of endpoint data solutions for clinical trials, in an $8.875bn cash deal.
In addition to the initial purchase price, Thermo Fisher will pay $125m in January 2027 and up to $400m in potential earn-out payments based on Clario’s business performance in 2026 and 2027.
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The agreement was reached in October 2025 and will see Clario become part of Thermo Fisher’s laboratory products and biopharma services segment.
Clario’s platform combines trial endpoint data from devices, sites and patients. This allows customers to collect, manage and analyse clinical evidence digitally throughout every phase of drug development.
Over the past decade, the platform has supported 70% of new drug approvals by the European Medicines Agency (EMA) and the US Food and Drug Administration (FDA).
Thermo Fisher Scientific’s chairman and CEO Marc Casper said: “We are excited to welcome Clario’s talented colleagues to Thermo Fisher. Clario is an outstanding strategic fit for our company, enhancing our ability to enable faster, more informed drug development through differentiated technology and data intelligence solutions.”
Clario is expected to maintain a high single-digit growth rate and immediately contribute positively to Thermo Fisher’s adjusted operating margin.
The company projects the transaction will deliver a double-digit internal rate of return and is expected to add $0.45 of adjusted earnings per share in the first year after closing.
Thermo Fisher expects to realise adjusted operating income of about $175m from synergies by year five post-acquisition, mostly through revenue synergies.
The seller group included Astorg, Cinven, Nordic Capital, and Novo Holdings.
WilmerHale acted as principal deal counsel for Thermo Fisher, with Axinn and Freshfields providing regulatory counsel.
In October 2025, Thermo Fisher Scientific’s PPD business introduced the Clinical Trial Carbon Calculator to assist research sponsors and biopharmaceutical companies in minimising, estimating, and understanding the environmental impact of trials.
