Thermo Fisher said to eye $10B takeover of clinical trial software firm Clario

[Genetic research and Biotech science Concept.]
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Thermo Fisher (NYSE:TMO [https://seekingalpha.com/symbol/TMO]) is nearing a takeover of Clario in an all-cash deal that could value the clinical trial data management firm at around $10B, the _Financial Times _reported, citing people familiar with the matter.

The deal could be announced as early as Wednesday, and it is possible that the terms could shift, the sources said [https://www.ft.com/content/2d12fd44-dd56-4c77-a9b8-ca20c277bb66].

Clario provides software that helps drugmakers track and analyze data for clinical trials. It has supported over 30,000 clinical trial opportunities, and more than 70% of new drug approvals in the U.S. and European Union since 2015, according to its website.

The company was formed in 2021 after the merger of medical tech companies ERT and Bioclinica. Clario is majority owned by Stockholm-based private equity firm Nordic Capital.

To note, Clario filed confidentially for an IPO last year, targeting a valuation of over $10B, _Bloomberg _reported [https://www.bloomberg.com/news/articles/2024-06-25/drug-trial-software-maker-clario-files-confidentially-for-ipo].

Meanwhile, Thermo Fisher (NYSE:TMO [https://seekingalpha.com/symbol/TMO]) has been active in the M&A space, the latest being its acquisition [https://seekingalpha.com/pr/20217254-thermo-fisher-scientific-completes-acquisition-of-solventum-s-purification-and-filtration] of Solventum's (SOLV [https://seekingalpha.com/symbol/SOLV]) filtration business for about $4B in cash.

"We've deployed a little over $7.5B - $4B on M&A, $3.5B on return on capital through buybacks and dividends," Thermo Fisher's (NYSE:TMO [https://seekingalpha.com/symbol/TMO]) CEO Marc Casper during last week's earnings call.

"We have a very busy pipeline [https://seekingalpha.com/article/4831902-thermo-fisher-scientific-inc-tmo-q3-2025-earnings-call-transcript]. I like this environment because there are good companies that struggle in environments where it's all about execution… we're looking at some interesting things," he added.

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