Nordic Capital sold Clario to Thermo Fisher Scientific for $8.9 billion in what Daniel Berglund, head of healthcare at Nordic, called the largest full private equity exit globally last year. The deal marks a major milestone for the firm's decade-long bet on pharmaceutical services transformation.

Berglund told PE Hub that Nordic recognized the pharmaceutical services sector was entering a phase of sustained growth, projecting 10 percent-plus annual expansion over multiple decades. This conviction drove their strategic investment approach through the digitalization wave reshaping the industry.

The digitalization trend wasn't limited to administrative functions but encompassed the entire clinical development spectrum, fundamentally changing how pharmaceutical companies conduct trials and manage data. This comprehensive transformation created significant value for Nordic's portfolio company.

Thermo Fisher's acquisition demonstrates how major corporations are consolidating their position in the digitized pharmaceutical services market, willing to pay premium valuations for companies positioned at the intersection of healthcare and technology.