THL buying clinical research organization Celerion for $1.8B

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.

• Itacquired Headlands Research in September 2025 and inked a deal for Red Nucleus in 2024.

Zoom out: Other sponsor-to-sponsor deals in the space include BayPine's reported $1.5 billion acquisition of CenExel from Webster in April 2025.