Thermo Fisher Completes $8.875 Billion Acquisition of Clario, Expanding Clinical Trial Data Capabilities

Thermo Fisher Scientific has completed its acquisition of Clario Holdings for $8.875 billion in cash, plus potential additional earnout and other payments tied largely to business performance. With the transaction closed, Clario will become part of Thermo Fisher's Laboratory Products and Biopharma Services segment.¹

Clario's platform integrates clinical trial endpoint data from devices, sites, and patients, enabling sponsors to collect, manage, and analyze clinical evidence digitally across every phase of drug development. According to Thermo Fisher, the technology has supported approximately 70% of FDA and EMA novel drug approvals over the past decade — a footprint the company views as complementary to its existing clinical research offerings.

"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, chairman and chief executive officer of Thermo Fisher Scientific, in a company statement.

Financial terms and expected returns

The acquisition carries a financial profile Thermo Fisher describes as compelling, with the Clario business expected to grow in the high single digits and contribute positively to the company's adjusted operating margin. Thermo Fisher expects the deal to contribute $0.45 of adjusted earnings per share in the first year following close, with further detail on 2026 financial impact to be provided on the company's upcoming first quarter earnings call.

Beyond the initial closing payment, Thermo Fisher has agreed to pay an additional $125 million in January 2027, along with up to $400 million in earnout payments contingent on business performance in 2026 and 2027. The company continues to expect approximately $175 million in adjusted operating income from synergies by year five following close, driven primarily by revenue synergies from the combined capabilities.

Clario was acquired from a shareholder group led by Astorg and Nordic Capital, Novo Holdings, and Cinven.

Expanding data connectivity across clinical development

The Clario acquisition adds endpoint data infrastructure to a clinical research portfolio Thermo Fisher has been actively building out through data and technology partnerships. Earlier in February, the company announced a strategic collaboration with Datavant aimed at expanding real-world data (RWD) interoperability across its PPD clinical research business.²

Under that agreement, Thermo Fisher's PPD business will integrate Datavant's privacy-preserving tokenization technology to enable secure linkage and analysis of patient-level data.

The collaboration spans RWD enrichment of randomized clinical trials as well as integration across PPD CorEvitas Clinical Registries and PPD Evidera solutions. Datavant's ecosystem connects more than 350 RWD partners and approximately 80,000 US hospitals and clinics, supporting encrypted linkage that allows retrieval of consented electronic medical record data for bespoke real-world evidence (RWE) generation.

"Data interoperability is critical to the next generation of evidence generation," said Karen Kaucic, MD, president of patient and advisory services and chief medical officer of clinical research at Thermo Fisher Scientific, in an earlier press release. "By enabling privacy-protected data connectivity at scale, this collaboration allows us to deliver a more seamless and efficient research experience for our customers."

Together, the Clario acquisition and the Datavant partnership reflect a deliberate effort by Thermo Fisher to deepen its position at the intersection of clinical trial operations and data intelligence — connecting endpoint capture, RWE generation, and patient-level analytics within a single research services organization.

Expert commentary on real-time data visibility

In August 2025, Applied Clinical Trials caught up with Luke Wilson, senior director, biotech, pharma services at Thermo Fisher Scientific, to explore how real-time data access is helping biotechs accelerate trial timelines.

“The way that we think about data and how it enables biotech and enables the industry is, if you think about partnerships and multiple suppliers in the supply chain, the more data they can provide to the biotech, the more actionable data,” said Wilson in a video interview. “It means that they can — live — make decisions that will help them accelerate their timelines, and conduct a successful clinical trial, but also keep the patient safe within the trial as well.”

References

1. Thermo Fisher Scientific Completes Acquisition of Clario Holdings, Inc. News release. Thermo Fisher. March 24, 2026. Accessed March 24, 2026. https://www.businesswire.com/news/home/20260324226576/en/Thermo-Fisher-Scientific-Completes-Acquisition-of-Clario-Holdings-Inc.

2. Thermo Fisher, Datavant Partner to Advance Real-World Data Interoperability Across Clinical Development. Applied Clinical Trials. February 11, 2026. Accessed March 24, 2026. https://www.appliedclinicaltrialsonline.com/view/thermo-fisher-datavant-partner-real-world-data-interoperability-clinical-development