Bengaluru: Thermo Fisher said on Wednesday it would buy privately held data management company Clario for up to $9.4 billion, strengthening its clinical trial research business amid a strong rebound in demand in the U.S.

The deal includes an upfront payment of about $8.88 billion, in addition to $125 million in January 2027 and up to $400 million of earn-out payments based on the performance of Clario's business in 2026 and 2027.

Thermo Fisher's third major acquisition this year comes as the company looks to cash in on pharmaceutical firms ramping up drug development and manufacturing in the U.S.

"Clario is an outstanding strategic fit, enabling faster, more informed drug development through differentiated technology and data intelligence solutions," Thermo Fisher CEO Marc Caspe

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