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Thermo Fisher Scientific completes acquisition of Clario Holdings, Inc. March 24, 2026 | Further strengthens Thermo Fisher's position as the trusted partner to pharma and biotech customers, delivering important customer benefits Attractive return profile given high growth and strong margin profile of Clario, and meaningful synergies - reflecting the company's disciplined approach to capital deployment WALTHAM, Mass.-(BUSINESS WIRE)-Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today announced the completion of its acquisition of Clario Holdings, Inc., a leading provider of endpoint data solutions for clinical trials, for $8.875 billion in cash, plus potential additional earnout and other payments, largely dependent on performance. With the transaction complete, the Clario business will become part of Thermo Fisher's Laboratory Products and Biopharma Services segment. Clario's industry-leading solutions are highly complementary to Thermo Fisher's clinical research offerings, enabling customers to gain critical insights from patient data to improve decision-making, accelerate innovation and drive greater productivity. Clario integrates clinical trial endpoint data from devices, sites and patients, enabling customers to collect, manage and analyze clinical evidence digitally across every phase of drug development, supporting faster, more confident trial decisions. The company's platform has supported approximately 70% of FDA and EMA novel drug approvals over the past decade. "We are excited to welcome Clario's talented colleagues to Thermo Fisher," said Marc N. Casper, chairman and chief executive officer of Thermo Fisher Scientific. "Clario is an outstanding strategic fit for our company, enhancing our ability to enable faster, more informed drug development through differentiated technology and data intelligence solutions." The attractive financial profile of Clario and expected synergy realization make the returns on this transaction very compelling with a double-digit internal rate of return. The business is expected to grow in the high single digits and is accretive to Thermo Fisher's adjusted operating margin[1]. As previously announced, the acquisition is expected to contribute $0.45 of adjusted earnings per share (EPS)[1] in the first year after close. Details on the positive impact on Thermo Fisher's 2026 financials will be provided on the upcoming first quarter earnings call. Thermo Fisher continues to expect to realize approximately $175M of adjusted operating income[1] from synergies by year 5 following close, primarily from revenue synergies that the combined capabilities will unlock. Further Transaction Details Clario was acquired from a shareholder group led by Astorg and Nordic Capital, Novo Holdings and Cinven. In addition to the initial cash purchase price at closing, Thermo Fisher has agreed to pay $125 million in January 2027. Thermo Fisher has also agreed to pay up to $400 million of earn-out payments, based on the performance of the business in 2026 and 2027. Should the earn-out milestones be achieved, the return profile will be even stronger for this acquisition. [1] Adjusted EPS, adjusted operating income and adjusted operating margin are non-GAAP measures that exclude certain items detailed later in this press release under the heading "Use of Non-GAAP Financial Measures." Advisors For Thermo Fisher, WilmerHale served as principal deal counsel and Axinn and Freshfields as regulatory counsel. About Thermo Fisher Scientific Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue over $40 billion. Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, increasing productivity in their laboratories, improving patient health through diagnostics or the development and manufacture of life-changing therapies, we are here to support them. Our global team delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD. For more information, please visit www.thermofisher.com. Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Each of the forward-looking statements we make in this press release involves risks and uncertainties, many of which relate to matters beyond our control and could cause actual results to differ materially from these statements. Important factors that could cause actual results to differ materially from those indicated by forward-looking statements include risks and uncertainties relating to: risks affecting Thermo Fisher's business generally, including changes in demand, macroeconomic conditions, and regulatory developments; the possibility that expected benefits related to recent or pending acquisitions, including the acquisition of Clario, may not materialize as expected; Clario's business experiencing disruptions as a result of the acquisition or due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with employees, customers, other business partners, or governmental entities; difficulty retaining key employees; and the parties being unable to successfully implement integration strategies or to achieve expected synergies and operating efficiencies within the expected time frames or at all. There can be no assurance that these expectations will prove correct. A discussion of these and other risks that affect our business is contained in our most recent report on Form 10-K, and in any subsequent filings with the SEC, under the heading "Risk Factors." These filings are on file with the SEC and available in the "Investors" section of our website under the heading "SEC Filings." These forward-looking statements are based on our current expectations and speak only as of the date of this press release. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, whether as a result of new information, future developments, or otherwise, except as required by law. Use of Non-GAAP Financial Measures In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), Thermo Fisher uses certain non-GAAP financial measures, including adjusted EPS, adjusted operating income and adjusted operating margin, which exclude certain transaction-related costs, including charges for the sale of inventories revalued at the date of acquisition and significant transaction costs; restructuring and other costs/income; amortization of acquisition-related intangible assets; certain other gains and losses that are either isolated or cannot be expected to occur again with any regularity or predictability, tax provisions/benefits related to the previous items, benefits from tax credit carryforwards, the impact of significant tax audits or events, equity in earnings of unconsolidated entities and the results of discontinued operations, as applicable. Thermo Fisher excludes the above items because they are outside of the company's normal operations and/or, in certain cases, are difficult to forecast accurately for future periods. Thermo Fisher believes that the use of non-GAAP measures helps investors to gain a better understanding of the company's core operating results and future prospects, consistent with how management measures and forecasts the company's performance, especially when comparing such results to previous periods or forecasts. Thermo Fisher does not provide GAAP financial measures on a forward-looking basis because we are unable to predict with reasonable certainty and without unreasonable effort items such as the timing and amount of future restructuring actions and acquisition-related charges as well as gains or losses from sales of real estate and businesses, the early retirement of debt and the outcome of legal proceedings. The timing and amount of these items are uncertain and could be material to Thermo Fisher's results computed in accordance with GAAP. Media Contact Information: Sandy Pound Thermo Fisher Scientific Phone: 781-622-1223 E-mail: [email protected] Investor Contact Information: Rafael Tejada Thermo Fisher Scientific Phone: 781-622-1356 E-mail: [email protected]

Artificial intelligence and cloud M&A: three young companies acquired by established players. Acquisitions are part of deal acceleration in artificial intelligence, digital clinical research, and observability technologies. Marvell Technology, Thermo Fisher Scientific, and Palo Alto Networks have each announced multi-billion-dollar acquisitions intended to advance their respective offerings in cloud infrastructure, clinical research, and cybersecurity. Marvell acquiring optical interconnect innovator Celestial AI, Thermo Fisher is expanding its digital clinical research capabilities through the purchase of Clario, and Palo Alto Networks is bolstering its artificial intelligence-driven security and observability suite with the acquisition of Chronosphere. The oldest of the target companies was formed in 2019. Marvell tech acquires artificial intelligence startup in multi-billion-dollar cash and contingency deal. Semiconductor company Marvell Technology has agreed to acquire Celestial AI in a transaction valued at about $3.25 billion upfront, consisting of $1 billion in cash and roughly 27.2 million shares of Marvell stock. The deal also includes a performance-based earn-out of up to $2.25 billion in additional shares, contingent on Celestial AI reaching $2 billion in cumulative revenue by the end of Marvell's fiscal year 2029. The acquisition is expected to close in early 2026, subject to customary regulatory approvals and closing conditions. Based in Santa Clara, Calif., Marvell Technology designs and develops a broad range of data infrastructure semiconductor solutions, including chips for storage, networking, processors, and security, which are used in data centers, cloud computing, enterprise networking, and automotive applications. The company is known for its innovations in high-speed connectivity and silicon-photonics, as well as its focus on enabling the next generation of artificial intelligence and cloud infrastructure. Also based in Santa Clara, Celestial AI was founded in 2020 by David Lazovsky, Preet Virk, and Michelle Tomasko. It is best known for its Photonic Fabric platform. This technology enables optical interconnects across chiplets* and racks at bandwidths up to 16 Tbps, delivering more than twice the power efficiency of copper while maintaining nanosecond-class latency and thermal stability. Marvell sees this as a critical step toward scaling AI chips and expanding its footprint in cloud connectivity, complementing its existing silicon-photonics roadmap. The acquisition positions Marvell to compete more aggressively in the AI and data-center interconnect market. Its main rivals include Broadcom, which dominates networking and silicon photonics; Nvidia, with its NVLink and NVSwitch interconnects; AMD; and Intel, all of which are investing heavily in chiplet and optical interconnect technologies. Other specialized players in photonics, such as Coherent, Lumentum, Ayar Labs, Astera Labs, Lightmatter, and Avicena, are also pushing the boundaries of optical connectivity. *A chiplet is a small, specialized integrated circuit designed to perform a specific function within a larger electronic system. This modular approach allows for improved performance, scalability, and efficiency in advanced computing applications such as AI and data centers. Sources: Reuters; Marvell; TechCrunch; Celestial AI company profile; Bloomberg; Reuters; industry analysis reports. Thermo Fisher Scientific acquires Clario: boosting digital & artificial intelligence clinical research. Thermo Fisher Scientific, a global leader in life sciences tools and services, is enhancing its digital footprint through a deal to acquire Clario Holdings. Clario - formed in 2021 via the merger of ERT and Bioclinica - is a provider of endpoint data solutions for clinical trials. It supports electronic clinical outcome assessments (eCOA), medical imaging, wearable data capture, and more, playing a role in approximately 70% of FDA drug approvals and generating around $1.25 billion in annual revenue. Thermo Fisher will pay $8.875 billion in cash at closing, with additional earn-out potential that could push the total valuation to roughly $9.4 billion. Thermo Fisher's acquisition of Clario fits its strategy to become a comprehensive provider of high-quality data and analytical solutions throughout the drug development pipeline. The company expects the deal to boost earnings right away and take advantage of shared data insights, which fits with the growing trend toward digital clinical research. Thermo Fisher 's competitors in the digital clinical data and life sciences space include IQVIA, LabCorp, ICON, PRA Health Sciences, Medable, and Signant Health - each offering services from data analytics to patient engagement platforms. Sources: Thermo Fisher press release (Business Wire), PharmExec, Silicon Republic, ClinicalTrialsArena. Palo Alto Networks acquires Chronosphere: enhancing artificial intelligence era observability. Palo Alto Networks, a leading cybersecurity and network infrastructure company, has agreed to buy observability platform Chronosphere for $3.35 billion in cash and replacement equity awards, with the deal expected to close in the second half of fiscal 2026. Founded in 2019, Chronosphere delivers a cloud-native observability architecture designed for artificial intelligence-scale workloads, reportedly garnering over $160 million in annual recurring revenue and benefiting from triple-digit growth. Once integrated with Palo Alto's AI-driven Cortex AgentiX platform, Chronosphere will enhance real-time visibility, autonomous issue detection, and remediation - addressing the demands of complex modern applications and AI workloads. Palo Alto's key competitors in expanded cybersecurity observability include CrowdStrike, Okta, Splunk, Datadog, New Relic, and Elastic. Sources: Palo Alto press release (PR Newswire), Reuters (via U.S. News), Zacks Investment Research, GeekWire. DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations. Attorney Advertising. 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Expected to be immediately accretive to Adjusted Earnings Per Share (EPS)¹ after close Attractive return profile given high growth and strong margin profile of Clario, and meaningful synergies - reflecting the company’s disciplined approach to capital deployment Further strengthens Thermo Fisher’s position as the trusted partner to pharma and biotech customers, delivering important customer benefits Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today announced a definitive agreement to acquire Clario Holdings, Inc., a leading provider of endpoint data solutions for clinical trials, from a shareholder group led by Astorg and Nordic Capital, Novo Holding and Cinven, for $8.875 billion in cash at close plus potential additional earnout and other payments in the future, largely dependent on performance. Clario integrates clinical trial endpoint data from devices, sites and patients enabling pharma and biotech customers to collect, manage and analyze