Thermo Fisher Scientific has agreed to acquire clinical trial software provider Clario from private equity firms Nordic Capital and Astorg Partners in a transaction worth up to $9.4bn, marking one of the largest full private equity exits of the year, according to the Financial Times.

The deal will see Thermo Fisher pay $8.9bn in cash and up to $525m in performance-linked payments. It represents Thermo Fisher’s biggest acquisition since its $17.4bn takeover of PPD in 2021 and expands its presence in the fast-growing digital infrastructure for drug development.

Headquartered in Philadelphia, Clario provides software used to collect and analyse data for clinical trials. Its technology has supported more than 26,000 trials and contributed to 70% of all US drug approvals.

Created in 2021 through the merger of two clinical technology firms backed by Nordic Capital and Astorg, Clario has become one of the sector’s most significant platforms amid a surge in demand for data-driven trial management tools. The company also counts Novo Holdings and Cinven among its minority shareholders.

For Nordic Capital and Astorg, the sale delivers one of their largest-ever exits and underscores the resilience of healthcare software valuations, even as broader dealmaking conditions remain subdued.

Marc Casper, CEO of Thermo Fisher, described Clario as “an outstanding strategic fit” that enhances the group’s software and AI capabilities while strengthening its relationships with global pharma and biotech clients.

The transaction is expected to close in mid-2026, pending regulatory approval.

Nordic Capital, which manages €34bn, and Astorg, with €23bn under management, had previously considered an IPO for Clario before opting to sell to Thermo Fisher. The two firms also collaborated in 2022, when Nordic sold diagnostics firm The Binding Site to Thermo Fisher for $2.6bn.

The acquisition comes amid continued consolidation in healthcare technology, as life sciences groups seek to integrate data and AI-driven tools across the clinical development process.

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