Thermo Fisher to Buy Clario for $8.9B

Acquirer: Hewlett Packard Enterprises (NYSE: HPE)

• Thermo Fisher Scientific Inc. serves the scientific community through a broad range of innovative products and services
• The company serves customers working in pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions and government agencies, as well as environmental, industrial, research and development, quality and process control settings
• Founded in 1956, and headquartered in Waltham, MA

Acquirer Financial Statistics

• Mkt Cap: $212.6 billion
• EV: $227.1 billion
• LTM Revenue: $43.7 billion
• LTM EBITDA: $10.8 billion
• LTM EV / Revenue: 5.2x
• LTM EV / EBITDA: 21.0x

Acquirer Advisor(s)

WilmerHale

Target Company: Juniper Networks, Inc. (NYSE: JNPR)

• Clario integrates clinical trial endpoint data from devices, sites and patients enabling pharma and biotech customers to collect, manage and analyze clinical evidence digitally across every phase of drug development, supporting faster, more confident trial decisions
• Founded in 1972, and headquartered in Philadelphia, PA

Target Financial Statistics

• Mkt Cap: NA
• EV: NA
• LTM Revenue: NA
• LTM EBITDA: NA
• LTM EV / Revenue: NA
• LTM EV / EBITDA: NA

Target Advisor(s)

Evercore

Price / Consideration

$8.9 billion / Cash

Deal Details

Rationale

• Operationally, Clario’s platform is highly complementary to Thermo Fisher’s clinical research offerings, enabling customers to gain critical insights from patient data to improve decision making, accelerate innovation and drive greater productivity
• The deal is expected to be immediately accretive to Thermos’ adjusted operating margin and will add $0.45 of adjusted EPS in the first year after close
• Under Thermos, the business is expected to grow in the high double digits, and should deliver $175 million of adjusted operating income from revenue synergies
• “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

Deal Points

• In addition to the initial cash purchase price at closing, Thermo Fisher has agreed to pay $125 million in January 2027. Thermo Fisher has also agreed to pay up to $400 million of earn-out payments based on the performance of the business in 2026 and 2027
• Clario was previously privately held by a shareholder group led by Astorg and Nordic Capital, Novo Holding and Cinven