News | Healthcare (HC)

THL buying clinical research organization Celerion for $1.8B

April 22, 2026

THL Partners is acquiring a majority stake in pharma services company Celerion from H.I.G. for $1.8 billion, Axios Pro has learned.

Why it matters: Private equityinterest in pharma services persists,as biotech funding rebounds and more complex drugs come to market.

Inside the room: After a Lazard and Bank of America-run process, Celerion traded for around 12x its $150 million of EBITDA, two sources close tell Axios Pro.

THL and H.I.G. declined to comment on terms.

What’s next: The transaction is expected to close later this year, pending regulatory approval.

With facilities in North America and Europe, Celerion is open to M&A for international expansion but is primarily focused on growing organically, THL managing director Megan Preiner tells Axios Pro.

How it works: Lincoln, Nebraska-based Celerion supports pharmaceutical and biotech companies in early-stage drug development, while operating across clinical sites and laboratories.

It specializes in clinical pharmacology studies and bioanalytical sciences for clinical trials.
The company has expertise in clinical areas such as cardiovascular safety research; GLP-1 and obesity-related studies; biosimilar assessments; and product-labeling studies.

What they’re saying: Biotech customers are looking to consolidate with fewer vendors, Preiner says.

“We think Celerion’s ability to bridge [bioanalytical services and pharmacology] and do both is very differentiated,” she adds.

Zoom in: THL plans to invest in Celerion through its Fund IX. If approved, the deal would be the firm’s third pharma services-focused investment in the past three years.