Drug-Trial Software Maker Clario Files Confidentially for IPO

(Bloomberg) -- Clario, a provider of software to help drugmakers advance treatments through clinical trials, has filed confidentially for an initial public offering and is targeting a valuation of more than $10 billion, people familiar with the matter said.

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The Philadelphia-based company is working with underwriters including JPMorgan Chase & Co., Morgan Stanley, Jefferies Financial Group Inc. and UBS Group AG, according to the people. It’s targeting next year for a listing, one of the people said.

Clario, whose backers include Nordic Capital and Astorg, was formed in 2021 in a deal to combine ERT and Bioclinica. The company generates annual revenue of $1.1 billion, with earnings before interest, taxes, depreciation and amortization of about $400 million, some of the people said.

To move ahead with its listing, Clario will have to file a public version of the draft IPO registration submitted confidentially to the US Securities and Exchange Commission.

Deliberations are at an early stage and no final decisions have been made on the size or timing of any listing, the people said, asking not to be identified because the filing isn’t yet public.

Representatives for Astorg, Morgan Stanley, Nordic Capital and UBS declined to comment, while spokespeople for JPMorgan and Jefferies didn’t immediately provide comment. A spokesperson for Clario couldn’t immediately be reached for comment.

Clario’s software helps drug developers and researchers collect and analyze data to plan and manage clinical trials, including those that rely on remote monitoring and reporting. The company has worked with pharmaceutical firms, biotechs and medical device companies on 26,000 clinical trials that have led to 800 drug approvals, according to its website.

--With assistance from David Carnevali.

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