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Healthcare M&A and Valuation
News and Insights


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
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
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 ...
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...
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...
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...
May 11, 20231 min read
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