Nordic Capital and Astorg have agreed to sell their co-controlling stakes in Clario, a provider of digital endpoint solutions for clinical trials, to Thermo Fisher Scientific in an all-cash transaction reportedly valued at around $8.9bn.
The deal also sees Novo Holdings and Cinven exit their investments, marking what is believed to be the largest full healthcare private equity exit announced globally in 2025.
Headquartered in Philadelphia, Clario has powered more than 30,000 clinical trials and supported 70% of FDA and EMA new drug approvals over the past decade. The company’s technology platform spans pharmaceutical, biotech, and medical device companies, helping accelerate drug development and improve patient outcomes.
Clario was formed through the 2021 merger of ERT and Bioclinica and has since expanded through strategic acquisitions, including WCG’s eCOA business and NeuroRx in 2025. Under Nordic Capital, Astorg, and Novo Holdings’ ownership, Clario’s revenue has doubled to approximately $1.2bn, with strong organic growth, margin expansion, and significant investments in AI-enabled solutions.
“Over the past several years, Clario has undergone a remarkable transformation – uniting industry leaders, advancing our scientific and technological capabilities, and strengthening our role as a trusted partner to the global life sciences community,” said Clario CEO Chris Fikry. “Astorg and Nordic Capital have been instrumental in this journey, providing the strategic support and conviction needed to scale our platform and deliver meaningful impact for our customers. We are now excited to enter the next chapter with Thermo Fisher.”
The transaction is subject to customary regulatory approvals and is expected to close by mid-2026. Jefferies and Evercore acted as financial advisors to Clario, with additional support from Morgan Stanley, JP Morgan, UBS, Goldman Sachs, and Bank of America Securities.
