Thermo Fisher to acquire Clario in $9.4bn deal

BY Richard Summerfield

US life science and clinical research company Thermo Fisher Scientific has announced it is to acquire drug trial software maker Clario in a deal that values the technology group at up to $9.4bn.

Under the terms of the deal, Thermo Fisher will pay Clario’s private equity owners – Stockholm-based Nordic Capital and Luxembourg-based firm Astorg Partners – just under $8.9bn upfront in cash and an additional $525m, largely dependent on performance milestones being hit.

The deal is expected to close by the middle of 2026, subject to customary closing conditions and regulatory approvals. To fund the transaction, Thermo Fisher intends to use proceeds from debt financing and cash on hand. Upon closing, Clario will become part of Thermo Fisher’s laboratory products and biopharma services segment. Clario operates globally and has approximately 4000 employees. For the full year 2025, Clario is expected to generate approximately $1.25bn of revenue.

“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 of Thermo Fisher. “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.”

“This strategic transaction will power the continued expansion of Clario’s differentiated digital endpoint platform and proprietary suite of AI tools,” said Chris Fikry, chief executive of Clario. “Thermo Fisher Scientific’s global scale and extensive relationships with key decision makers across large pharma and biotech will fuel expansion of our comprehensive clinical trial platform. We are certain this will benefit our clients and, ultimately, patients.”

Clario, which was founded in 2021 following the merger of health tech firms ERT and Bioclinica, is the third company acquired by Thermo Fisher this year, as the company expands its portfolio amid renewed demand from pharmaceutical firms increasing drug development and manufacturing in the US. The company has been an active acquirer of companies historically, but it has focused on smaller deals in recent years. The acquisition of Clario is Thermo Fisher’s biggest acquisition since 2021, when the Massachusetts-based group bought contract research organisation PPD in a deal worth $17.4bn.

Nordic and Astorg oversee €34bn and €23bn of assets under management respectively. Clario also counted Novo Holdings and Cinven as minority investors. In 2022, Nordic sold medical diagnostics group The Binding Site to Thermo Fisher for $2.6bn.

News: Thermo Fisher to buy clinical services provider Clario for up to $9.4 billion

Novartis acquires Avidity Biosciences in $12bn deal

BY Fraser Tennant

In a deal that strengthens its late-stage neuroscience pipeline, Swiss multinational pharmaceutical corporation Novartis is to acquire US biotech firm Avidity Biosciences for approximately $12bn in cash.

Under the terms of the definitive merger agreement, which has been unanimously approved by the boards of directors of both companies, Novartis will acquire all outstanding shares of Avidity and holders of Avidity common stock will receive $72 per share in cash at closing.

The acquisition is expected to create an industry-leading pipeline, building on Novartis expertise in spinal muscular atrophy and commercialisation capabilities in genetic neuromuscular diseases. As part of the deal, Avidity will separate its early-stage precision cardiology programmes into a new company called Spinco, which is expected to be a publicly traded company,

“Avidity’s pioneering ribonucleic acid (RNA) therapeutics ​bolster our commitment to delivering innovative, targeted and potentially first-in-class medicines to treat devastating, progressive neuromuscular diseases,” said Vas Narasimhan, chief executive of Novartis. “The Avidity team has built robust programmes with industry-leading delivery of RNA therapeutics to muscle tissue.”

Avidity’s programmes include a commitment to deliver a new class of pioneering RNA therapeutics called antibody oligonucleotide conjugates (AOC) for serious, genetic neuromuscular diseases. Its AOC platform combines the tissue specificity of monoclonal antibodies with the precision of oligonucleotides, enabling targeted delivery to previously hard-to-reach muscle cells.

“Avidity has expanded the possibilities of what RNA therapeutics can deliver to patients by advancing innovative science and creating an organisation with a strong commitment to providing access to our potential medicines,” said Sarah Boyce, president and chief executive of Avidity. "I am proud of what we have created in close collaboration with the patient and clinical communities we serve, and I want to thank them and the Avidity team for their commitment and dedication."

The acquisition by Novartis of Avidity is subject to the completion of the separation of Spinco and other customary closing conditions, including the receipt of regulatory approvals and the approval of Avidity’s stockholders.

The companies expect the transaction to close in the first half of 2026. Until closing, Novartis and Avidity will continue to operate as separate and independent companies.

Ms Boyce concluded: “We are confident that this transaction with Novartis maximises value for our investors and will support the global expansion of our neuroscience pipeline.”

News: Novartis to acquire Avidity Biosciences for about $12 billion

Hologic acquired by Blackstone and TPG in $18.3bn deal

BY Fraser Tennant

In a deal that takes the medical diagnostics company private, Hologic is to be acquired by funds managed by private equity firms Blackstone and TPG for $18.3bn.

Under the terms of the definitive agreement, Blackstone and TPG will acquire all outstanding Hologic shares for $76 per share in cash plus a non-tradeable contingent value right to receive up to $3 per share in two payments of up to $1.50 each, for total consideration of up to $79 per share in cash.

The merger agreement includes a 45-day ‘go-shop’ period, during which time Hologic and its advisers may solicit, consider and negotiate alternative acquisition proposals from third parties.

The deal to acquire Hologic is the largest acquisition of a medical device company since Boston Scientific bought Guidant Corp for $27bn in 2006.

“Hologic is an outstanding global leader in advancing women’s health, with a longstanding reputation for groundbreaking and high-quality medical device and diagnostic products,” said Ram Jagannath, a senior managing director at Blackstone. “We are thrilled to partner with its highly talented and capable employees, alongside TPG, to further invest in Hologic’s continued product innovation and growth.”

The Hologic board of directors has unanimously approved the merger agreement and has recommended that Hologic stockholders vote their shares to approve the transaction and adopt the merger agreement.

“Blackstone and TPG will help accelerate our growth and enhance our ability to deliver critical medical technologies to customers and their patients around the world,” said Stephen P. MacMillan, chairman, president and chief executive of Hologic. “This transaction delivers immediate and compelling value to Hologic stockholders, reflecting the dedication of our employees whose hard work has made this milestone possible.”

The transaction is expected to close in the first half of 2026, subject to the approval of Hologic’s stockholders, the receipt of required regulatory approvals and the satisfaction of certain other customary closing conditions.

Upon completion of the transaction, Hologic’s common stock will be delisted from the Nasdaq stock market.

“Hologic represents a compelling opportunity to support the development of next-generation solutions that will continue to promote strong clinical results and enhance patient care,” said John Schilling, co-managing partner of TPG Capital. “We are proud to partner with the Hologic team and Blackstone in this exciting new chapter.”

News: Blackstone, TPG to take medtech Hologic private for $18.3 billion

Kering to sell beauty unit for $4.7bn

BY Richard Summerfield

Luxury products brand Kering has agreed to sell its beauty division to L’Oréal in a deal worth $4.7bn. The sale comes as Luca de Meo, Kering’s new chief executive, attempts to tackle the company’s high debt load and refocus on core fashion business.

Under the terms of the deal between Kering and L’Oréal, which the companies have called a “long-term strategic partnership in luxury beauty and wellness”, L’Oréal will acquire the House of Creed and the beauty and fragrance licences of iconic Houses of Kering, and the companies will create an exclusive venture to explore business opportunities in the field of wellness and longevity. 

The agreement includes the rights to enter into a 50-year exclusive licence for the creation, development and distribution of fragrance and beauty products for Gucci, commencing after expiration of the current licence with Coty, and respecting Kering’s obligations as per the existing licence agreement.

Kering will also grant L’Oréal 50-year exclusive licences for the creation, development and distribution of fragrance and beauty products for Bottega Veneta and Balenciaga, starting upon closing of the announced transaction. L’Oréal will also pay royalties to Kering for the use of its licensed brands.

“This strategic alliance marks a decisive step for Kering,” said Mr de Meo. “Joining forces with the global leader in beauty, we will accelerate the development of fragrance and cosmetics for our major Houses, allowing them to achieve scale in this category and unlock their immense long-term potential, as did Yves Saint Laurent Beauté under L’Oréal’s stewardship. Together, we will also venture into new frontiers of wellness, combining the unrivalled expertise of L’Oréal with our unique luxury reach. This partnership allows us to focus on what defines us best: the creative power and desirability of our Houses.”

“I am delighted to forge this long-term strategic alliance with one of the world’s most prestigious, creative and visionary luxury groups,” said Nicolas Hieronimus, chief executive of L’Oréal Groupe. “This partnership will further solidify our position as the world’s #1 luxury beauty company and allow us to explore new avenues in wellness together. The addition of these extraordinary brands perfectly complements our existing portfolio and significantly expands our reach into new, dynamic segments of luxury beauty. Through Creed, we will establish ourselves as one of the leading players in the fast-growing niche fragrance market. Gucci, Bottega Veneta and Balenciaga are all exceptional couture brands with enormous potential for growth.”

Kering beauty will be L’Oreal’s largest acquisition to date, bigger than its purchase of Australian brand Aesop for $2.5bn in 2023.

The sale is a significant step toward reducing Kering’s net debt, which stood at €9.5bn at the end of June, on top of €6bn in long-term lease liabilities, which have sparked investor concern. Under Mr de Meo, Kering intends to make a number of large-scale changes, after moving to seal the deal with L’Oréal “as quickly as possible” and promising that “you’ll see others”.

News: Kering sells beauty unit to L'Oreal for $4.7 billion as de Meo trims debt

Rayonier and PotlatchDeltic to merge in all-stock deal

BY Richard Summerfield

US timber rivals Rayonier and PotlatchDeltic have agreed to an all-stock merger which will create a $7.1bn company specialising in land ownership and lumber manufacturing.

The transaction is expected to close in the late first quarter or early second quarter of 2026, subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals and the approval of shareholders of both companies.

Based on the closing stock prices of Rayonier and PotlatchDeltic on 10 October 2025, the last business day prior to the execution of the agreement, the combined company is expected to have a pro forma equity market capitalisation of $7.1bn and a total enterprise value of $8.2bn, including $1.1bn of net debt. Upon completion of the transaction, the combined company will become the second largest publicly traded timber and wood products company in North America.

Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, PotlatchDeltic shareholders will receive 1.7339 common shares of Rayonier for each share of common stock of PotlatchDeltic. The exchange ratio represents an implied price of $44.11 per PotlatchDeltic share, and a premium of 8.25 percent to PotlatchDeltic’s closing stock price on 10 October 2025. Upon closing of the transaction, Rayonier shareholders will own approximately 54 percent of the combined company, and PotlatchDeltic shareholders approximately 46 percent.

“We are excited to announce this strategic merger of equals, combining two exceptional land resources companies to deliver enhanced value for our shareholders and other stakeholders,” said Mark McHugh, president and chief executive of Rayonier. “Rayonier and PotlatchDeltic share a commitment to sustainability and a legacy of excellence in delivering land resources to their highest and best use. We look forward to completing the transaction, and we are confident that the merger will generate meaningful value creation.”

“This merger is a watershed moment for both companies,” said Eric Cremers, president and chief executive of PotlatchDeltic. “Our complementary assets and shared vision will unlock opportunities to create significant strategic and financial benefits beyond what could be achieved by either company independently. We look forward to working together to ensure a seamless transition and to capitalize on exciting opportunities for optimization and growth.”

The executive leadership team of the combined company will comprise roughly equal representation of top talent from both Rayonier and PotlatchDeltic. Upon closing of the transaction, Mr McHugh will continue to serve as president and chief executive as well as a member of the board of directors of the combined company. In addition, Wayne Wasechek, currently chief financial officer (CFO) of PotlatchDeltic, will serve as CFO of the combined company, Rhett Rogers, currently senior vice president, portfolio management of Rayonier, will serve as executive vice president (EVP), land resources and Ashlee Cribb, currently vice president, wood products of PotlatchDeltic, will serve as EVP, wood products.

Mr Cremers will be the executive chair of the board of directors of the combined company for 24 months after closing. The board of directors of the combined company will be comprised of five existing directors from Rayonier (including Mr McHugh) and five existing directors from PotlatchDeltic (including Mr Cremers). Rayonier will designate the lead independent director for the combined company.

News: Rayonier, PotlatchDeltic to form timber products giant in $8.2 billion merger