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Latham & Watkins Advises Clario in US$8.875 Billion Sale to Thermo Fisher Scientific
October 29, 2025
Cross-border private equity M&A team represents Clario in the largest full healthcare private equity exit globally announced to-date in 2025.
Astorg, a leading pan-European private equity firm, and Nordic Capital, a leading international private equity investor, have announced that they have entered into a definitive agreement to sell their co-controlling stakes in Clario, a leading provider of digital endpoint solutions to the clinical trial industry, to Thermo Fisher Scientific (NYSE: TMO). Novo Holdings, a leading healthcare investment firm, and Cinven, an international private equity firm, will also exit their investment as part of the transaction. The transaction, valued at US$8.875 billion, represents the largest full healthcare private equity exit announced globally in 2025 – a milestone reflecting Clario’s growth and strategic positioning, and the value created through a strong partnership between shareholders and management.
Latham & Watkins LLP represents Clario and the investor consortium led by Astorg and Nordic Capital, Novo Holdings, and Cinven in the transaction with a cross-border deal team led by New York corporate partners David Beller and Leah Sauter, with associates Marc Klepner, Miles Gilhuly, Jack Katzenstein, and Owen Brody. Advice was provided on UK corporate law matters by London partners Thomas Forschbach, Ross Allardice, and Maarten Overmars, with associates Nick Fisher and Darragh Hyland; on capital markets matters by New York partners Marc Jaffe and Ian Schuman, Boston partner Elisabeth Martin, and Washington, D.C. counsel Jessica Lennon, with associates Amanda Farrish, Alison Vitello, and Sophia Dilworth; on tax matters by New York partner Matthew Dewitz, with associate James Aldred; on US benefits and compensation matters by Washington, D.C. partner Adam Kestenbaum, with associates Daniel Bop and Christina Schrantz; on UK benefits and compensation matters by London partner Sarah Gadd and London counsel Shaun Thompson; on German labor and employment matters by Munich partner Kristina Hufnagel, with associate Martina Hoelzer; on real estate matters by New York counsel Lisa Brabant, with associate Julia McQueen; on intellectual property matters by New York partner Jessica Cohen, with associates Sebatian Moss and Ece Gonulal; on US data privacy matters by Bay Area partner Robert Blamires, with associate Kathryn Parsons-Reponte; on UK data privacy matters by London counsel Danielle van der Merwe, with associates Kate Burrell and Edgar Lee; on healthcare regulatory matters by Washington, D.C. partner Jason Caron and Bay Area partner Betty Pang; on FDA regulatory matters by Washington, D.C. partner Ben Haas, with associates Meryl Bartlett and Evan Miller; on antitrust matters by Washington, D.C. partner Amanda Reeves, Hamburg partner Jana Dammann de Chapto, Brussels partner Tomas Nilsson, and Bay Area counsel Jason Daniels, with associates Rebecca Frumento and Carla Palma; on anticorruption matters by Washington, D.C. partner Joseph Bargnesi; on economic sanctions and export controls matters by Washington, D.C. partner Andrew Galdes and Frankfurt counsel Joachim Grittmann, with associate Eric Green; on government contracts matters by Washington, D.C. partner Kyle Jefcoat; and on public company representation matters by New York partner Dennis Craythorn, with associate Katherine Marren.
Latham & Watkins LLP represents Clario and the investor consortium led by Astorg and Nordic Capital, Novo Holdings, and Cinven in the transaction with a cross-border deal team led by New York corporate partners David Beller and Leah Sauter, with associates Marc Klepner, Miles Gilhuly, Jack Katzenstein, and Owen Brody. Advice was provided on UK corporate law matters by London partners Thomas Forschbach, Ross Allardice, and Maarten Overmars, with associates Nick Fisher and Darragh Hyland; on capital markets matters by New York partners Marc Jaffe and Ian Schuman, Boston partner Elisabeth Martin, and Washington, D.C. counsel Jessica Lennon, with associates Amanda Farrish, Alison Vitello, and Sophia Dilworth; on tax matters by New York partner Matthew Dewitz, with associate James Aldred; on US benefits and compensation matters by Washington, D.C. partner Adam Kestenbaum, with associates Daniel Bop and Christina Schrantz; on UK benefits and compensation matters by London partner Sarah Gadd and London counsel Shaun Thompson; on German labor and employment matters by Munich partner Kristina Hufnagel, with associate Martina Hoelzer; on real estate matters by New York counsel Lisa Brabant, with associate Julia McQueen; on intellectual property matters by New York partner Jessica Cohen, with associates Sebatian Moss and Ece Gonulal; on US data privacy matters by Bay Area partner Robert Blamires, with associate Kathryn Parsons-Reponte; on UK data privacy matters by London counsel Danielle van der Merwe, with associates Kate Burrell and Edgar Lee; on healthcare regulatory matters by Washington, D.C. partner Jason Caron and Bay Area partner Betty Pang; on FDA regulatory matters by Washington, D.C. partner Ben Haas, with associates Meryl Bartlett and Evan Miller; on antitrust matters by Washington, D.C. partner Amanda Reeves, Hamburg partner Jana Dammann de Chapto, Brussels partner Tomas Nilsson, and Bay Area counsel Jason Daniels, with associates Rebecca Frumento and Carla Palma; on anticorruption matters by Washington, D.C. partner Joseph Bargnesi; on economic sanctions and export controls matters by Washington, D.C. partner Andrew Galdes and Frankfurt counsel Joachim Grittmann, with associate Eric Green; on government contracts matters by Washington, D.C. partner Kyle Jefcoat; and on public company representation matters by New York partner Dennis Craythorn, with associate Katherine Marren.