Thermo Fisher Completes $8.875 Billion Acquisition of Clinical Trial Data Firm Clario

Thermo Fisher Scientific said on Tuesday, March 24, that it has completed its acquisition of Clario Holdings, a provider of endpoint data technology for clinical trials, for $8.875 billion in cash, plus potential earn-out and other payments largely dependent on performance. The company announced the closing in a press release filed with the SEC.

Beyond the closing price, Thermo Fisher agreed to pay $125 million in January 2027 and up to $400 million in earn-out payments based on the business's performance in 2026 and 2027. Clario was bought from a shareholder group led by Astorg and Nordic Capital, Novo Holdings and Cinven, and becomes part of Thermo Fisher's Laboratory Products and Biopharma Services segment.

What Clario does

Clario collects, manages and analyzes clinical trial endpoint data, the measurements used to judge whether a treatment works and is safe, drawn from devices, trial sites and patients. Its products include electronic clinical outcome assessments, medical imaging, cardiac and respiratory assessments and wearable data capture technologies, Thermo Fisher said when it announced the agreement on October 29, 2025.

At that time, Thermo Fisher said Clario had about 4,000 employees and was expected to generate about $1.25 billion of revenue in 2025. In Tuesday's announcement, Thermo Fisher said Clario's platform has supported about 70% of FDA and EMA novel drug approvals over the past decade.

"Clario is an outstanding strategic fit for our company, enhancing our ability to enable faster, more informed drug development through differentiated technology and data intelligence solutions," said Marc N. Casper, Thermo Fisher's chairman and chief executive.

Expected returns

Thermo Fisher said it expects the business to grow in the high single digits and to add to its adjusted operating margin. As previously announced, the company expects the deal to contribute $0.45 of adjusted earnings per share in the first year after closing, and it said it would give details on the effect on its 2026 results on its first-quarter earnings call.

The company expects about $175 million of adjusted operating income from synergies by the fifth year after closing, mainly from revenue synergies, and described the expected internal rate of return as double-digit, as PharmaNow also reported.

When the deal was announced, Clario chief executive Chris Fikry said Thermo Fisher's "global scale and extensive relationships with key decision makers across large pharma and biotech will fuel expansion of our comprehensive clinical trial platform."