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A PE consortium led by Astorg and Nordic Capital has agreed to sell clinical trial software provider Clario Holdings to Thermo Fisher Scientific at a $8.9 billion valuation as European buyout firms find liquidity in US assets.
The deal is one of the largest exits for both Astorg and Nordic Capital, and comes as European PE firms see an increase in the size of sales and listings of their US-based portfolio companies.
According to PitchBook data, PE exit value for US-headquartered companies with European backers has reached $135.7 billion across 65 deals. The median exit size has jumped to $2.35 billion, more than double 2024’s figure of $945 million.
Nordic Capital acquired Philadelphia-based Clario—then known as ERT—in 2016 through a $1.8 billion buyout. The Stockholm-based PE firm then partnered with Astorg and Novo Holdings in 2020 to merge ERT with Bioclinica, creating Clario in 2021.
Clario provides electronic clinical outcome assessments, medical imaging, and wearable-sensor data that have supported about 70% of FDA drug approvals over the past decade. The company is expected to generate $1.25 billion in revenue this year.
Before reaching a deal with Thermo Fisher, Clario’s sponsors had reportedly considered an IPO, but chose a trade sale as public markets remained subdued. The move reflects a broader trend of PE firms turning to strategic acquirers with cash reserves and long-term sector alignment to realize value from mature assets.
The transaction is expected to close in mid-2026, pending regulatory approval.
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