Clario Upcoming IPO: Healthtech company trials toward public market

While it might not be common for a more than 50-year-old company to go public, Clario appears to be breaking the norm. With its roots stretching back to 1972, before the current version of the company came about as a 2021 merger, healthcare tech company Clario reportedly confidentially filed for an IPO in June 2024, with plans to list in 2025.⁴

At the time of the filing, Bloomberg reported that Clario was eyeing a valuation above $10 billion and working with underwriters JPMorgan Chase, Morgan Stanley, Jefferies Financial Group and UBS Group.⁵

Since then, however, not much has become public about the company's potential public plans, with the overall IPO pipeline remaining fairly backed up amidst economic uncertainty. Still, the company, which specializes in clinical trial technology, has not been inactive since its filing, such as by obtaining nearly $4 billion in private debt, led by Blackstone, earlier this year to refinance broadly syndicated loans.⁶

Clario: Company background

Clario came about in 2021 when ERT, a clinical trial endpoint technology company, and Bioclinica, which specialized in medical imaging tech, completed a merger.⁷ Through a mix of software, medical device technology, and human expertise, Clario and its predecessors have helped companies across sectors including biotech, pharmaceuticals, and medical imaging to complete over 26,000 clinical trials and over 800 drug approvals.⁸

Clario's first predecessor, Cardio Data Systems (CDS), started in 1972, before renaming itself as eResearch Technology (ERT) in 2000. In 1990, Clario's other predecessor began as Bio-Technologies before changing its name to Bioclinica in 2009.⁹

Facilitating clinical trials across healthcare

Clinical trials are typically multi-year, highly complex studies that involve a mix of areas such as study design, data management and analysis, and regulatory compliance. So, companies like Clario aim to ease some of the burden and facilitate clinical trials whether these take place on-site, or using a hybrid or decentralized model.

Ultimately, Clario's technology and expertise can make it more feasible for healthcare organizations to conduct clinical trials and then gain approvals, such as for new drugs regulated by the Food and Drug Administration (FDA).10 Companies can also manage risks, such as monitoring suicide ideation and behavior in clinical trial participants by using Clario's assessment tool.¹¹

In addition to Clario being formed by the merger of ERT and Bioclinica, the company has a history of making acquisitions to bolster its capabilities. In recent years, that has included Clario acquiring companies like Inofab Health, a respiratory device company, and AI-focused software company ArtiQ, to strengthen Clario's ability to support respiratory clinical trials.¹² Clario has also made acquisitions to support areas like neuroscience, such as with its 2025 acquisition of NeuroRx, an imaging analysis company specializing in multiple sclerosis.¹³

As of Clario's reported IPO filing in June 2024, Bloomberg reported that the company had annual revenue of $1.1 billion, with EBITDA of around $400 million.¹⁴

Despite its past success, however, Clario faces competition from other organizations, including publicly traded companies such as IQVIA and ICON. These other companies that support clinical trials have faced declining stock prices in 2025,¹⁵ as have many other healthcare stocks, due to issues such as government research cuts and the potential impact of tariffs.¹⁶

Clario stock price history

At this time, Clario's stock price is unknown, and there is currently no Clario Forge Price.

Forge Price is a derived data point that reflects the up-to-date price performance of venture-backed, late-stage companies, and is calculated based on a proprietary model incorporating pricing inputs from primary funding round information, secondary market transactions, and the order book on Forge marketplace.

Clario funding history and private market valuation

Clario does not have a traditional history of funding rounds like many of the venture-backed companies tracked by Forge, considering that Clario was formed in 2021 from a merger of two long-running companies. That said, Clario has stated that its shareholders include Astorg, Nordic Capital, Novo Holdings, and Cinven.¹⁷

Astorg, Nordic Capital, and Novo Holdings had previously invested in one of Clario's predecessors, ERT.¹⁸ In 2019, ERT's valuation was $4.4 billion.¹⁹ Meanwhile, private equity firm Cinven had acquired Bioclinica for around $1.4 billion in 2016.²⁰ When ERT and Cinven merged, Clario's valuation was around $6 billion.²¹

With Clario's prospective IPO, the company is targeting a valuation north of $10 billion.²²

Looking ahead

Although Clario's reported confidential filing is an important step toward an IPO, details about an actual public market debut remain limited. Economic uncertainty in early 2025 has delayed some IPOs, so it's possible that Clario is waiting for more clarity before moving forward.

Check back here or take a look at Forge’s upcoming IPO calendar to stay in the loop about the potential Clario IPO and other pending public offerings.

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