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Thermo Fisher Acquires Clario (~19.7x EBITDA)
On October 29, 2025, Thermo Fisher Scientific Inc. (NYSE: TMO) announced a definitive agreement to acquire Clario Holdings, Inc., a leading global provider of endpoint data solutions for clinical trials, from a shareholder group led by Astorg, Nordic Capital, Novo Holdings and Cinven for approximately $8.875 billion in cash at closing, with additional deferred and contingent payments of up to ~$525 million tied to future performance. The transaction, subject to customary re

Will Hamilton
Oct 30, 20252 min read


Aurobindo Acquires Lannett for $250 million (~5.5x EBITDA)
In July 2025, Aurobindo Pharma USA Inc., the wholly owned U.S. subsidiary of Indian generics manufacturer Aurobindo Pharma Ltd., entered into a definitive agreement to acquire Lannett Co., Inc., a U.S. based producer of complex generic pharmaceuticals, for an enterprise value of approximately $250 million on a cash‑free, debt‑free basis. The transaction, which is expected to close within 8–12 months pending regulatory approvals, will provide Aurobindo with full ownership of

Will Hamilton
Aug 5, 20252 min read


Vista Acquires Model N for $1.25b (~25x EBITDA)
Model N (NYSE: MODN), a leader in revenue optimization and compliance for pharmaceutical, medtech, and high-tech innovators, announced ...

Will Hamilton
Apr 9, 20242 min read


Novo purchases CDMO Catalent for $16.5 billion (~22.9x EBITDA)
The healthcare M&A industry witnessed a significant tremor today with the announcement that Novo Holdings, the investment arm of the...

Will Hamilton
Feb 5, 20242 min read


Pharmaceutical Services EBITDA Multiples: CDMO Sterling Pharma Solutions Receives Investment From PE Firms (~14.1x EBITDA)
Sterling Pharma Solutions, a pharmaceutical contract development and manufacturing organization (CDMO), received a significant minority...

Will Hamilton
May 25, 20231 min read


Pharmaceutical Services EBITDA Multiples: Syneos Health Acquired by PE Firms (~9.7x EBITDA)
Syneos Health, Inc. , an integrated biopharmaceutical solutions organization, announced that it has entered into a definitive agreement...

Will Hamilton
May 11, 20231 min read
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