Thermo Fisher Scientific is set to acquire Clario Holdings after entering a $8.8 billion definitive agreement, which includes cash at closing, potential future payments, and potential additional earnouts.¹

“Clario is an outstanding strategic fit, enabling faster, more informed drug development through differentiated technology and data intelligence solutions,” said Marc N. Casper, chairman, president, and chief executive officer of Thermo Fisher Scientific. “At Thermo Fisher, we come to work every day thinking about how we can further advance our customers’ important work, and by adding these high-growth capabilities, we will deliver even deeper clinical insights to our customers and further accelerate the digital transformation of clinical research.” Casper added, “We’ve long admired Clario and this acquisition underscores our disciplined capital deployment strategy, which has an outstanding track record of creating shareholder value. We look forward to welcoming Clario’s colleagues to Thermo Fisher.”

What benefits does the acquisition bring Thermo Fisher?

The acquisition is set to create meaningful benefits for both pharma and biotech customers, as pharma and biotech companies have increased the amount of clinical trials being conducted, which includes increased complexity, drive for greater demand for endpoint data to assess therapeutic safety, effectiveness, and value.¹ According to a press release from Thermo Fisher, Clario’s platform is highly complementary to Thermo Fisher’s clinical research offerings, and enables customers the ability to gain critical insights from patient data, which in turn improves decision making, and accelerates both innovation and drive for greater productivity.

Additionally, the acquisition broadens Thermo Fisher’s digital and data capabilities, while also strengthening the company’s use of AI to accelerate clinical research, enhance data-driven insights, and deliver greater efficiency across the drug development process. According to the company, this will help customers bring new therapies to patients faster and ultimately enhance the return on R&D investments for our pharma and biotech customers.¹ The definitive agreement also brings Clario’s financial portfolio, which is expected to bring Thermo Fisher an internal double-digit rate of return.¹ The acquisition is immediately accretive to Thermo Fisher’s adjusted operating margin and adds $0.45 of adjusted EPS1 in the first year after close.¹ Following the closing of the deal, Clario is expected to grow under Thermo Fisher’s ownership, with Thermo Fisher anticipating to deliver approximately $175M of adjusted operating income1 from synergies by year five.

What are the financial details of the agreement?

Per the terms of the agreement, Thermo Fisher is set to pay upwards of $8.875 billion in cash at close, along with additional earnout and other potential payments in the future, and are significantly dependent on performance.¹ The transaction is expected to close by the middle of 2026, and is subject to customary closing conditions and regulatory approvals.¹ In order to fund the acquisition, Thermo Fisher is expected to use proceeds from debt financing and available cash on hand. Following the completion of the deal, Clario will become part of Thermo Fisher’s laboratory products and biopharma services segment.¹

Sources

1. Thermo Fisher Scientific to Acquire Clario Holdings, Inc., Enabling Pharma and Biotech Customers to Accelerate Innovation with Deeper Clinical Insights Thermo Fisher Scientific October 29, 2025 https://newsroom.thermofisher.com/newsroom/press-releases/press-release-details/2025/Thermo-Fisher-Scientific-to-Acquire-Clario-Holdings-Inc--Enabling-Pharma-and-Biotech-Customers-to-Accelerate-Innovation-with-Deeper-Clinical-Insights/default.aspx