Thermo Fisher Acquires Clario (~19.7x EBITDA)
- Will Hamilton
- Oct 30, 2025
- 2 min read
Updated: 1 day ago
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 regulatory and closing conditions, is expected to close by mid‑2026, at which point Clario will be integrated into Thermo Fisher’s Laboratory Products & Biopharma Services segment. Clario, which operates globally with roughly 4,000 employees, is anticipated to generate about $1.25 billion in revenue in 2025, reflecting its strong position in digital data capture and analytics for clinical research.
The acquisition significantly enhances Thermo Fisher’s clinical research and biopharma services platform by incorporating Clario’s comprehensive suite of digital endpoint and data intelligence solutions, which support data collection from devices, imaging, wearables and patient systems across clinical trial phases, capabilities that have underpinned approximately 70 % of FDA drug approvals over the past decade. This strategic move further aligns with industry trends emphasizing data‑driven drug development, AI‑enabled analytics, and scalable clinical trial infrastructure, enabling Thermo Fisher to offer deeper clinical insights, accelerate time to decision for sponsors, and drive operational efficiencies.
Pharmaceutical Services EBITDA Multiples
According to a press release related to Clario's potential IPO, Clario generated $1.1b revenue and $400m EBITDA in the LTM 6/30/2024. Assuming similar margins on Clario’s estimated $1.25 billion of estimated 2025 revenue results in estimated 2025 EBITDA of $450m. Using these estimates, the implied multiples are 7.1x revenue and 19.7x EBITDA.
Pharmaceutical Services M&A Deal Volume
The number of announced pharmaceutical services deals declined in 2025, breaking a several year upward trend, declining to 39 per quarter compared to 46 in 2024. Declines were relatively unform across the major sub-segments, with CRO posting the smallest decline, reversing the trend from 2024. The much smaller logistics sub-segment actually posted strong year-over-year growth, establishing itself as a legitimate fourth category within the group.
Other Pharmaceutical Services Deals
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About Scope Research
The Scope Research Healthcare M&A Valuation Database currently has financial details related to 158 pharmaceutical services deals, segmented by type, including 129 deals with disclosed EBITDA multiples. The data can be purchased individually, while our affordable annual subscriptions provide access to all of our healthcare M&A databases and segments, updated continuously.
Don't hesitate to reach out to Will Hamilton at will@scoperesearch.co with questions about your specific situation.