Global Clinical Trials acquires Catalyst, another M&A deal among private equity-backed CROs
M&A activity is common in the pharmaceutical services space, especially among private equity-backed companies looking to add new capabilities while growing their customer rosters and revenue. In the latest deal, Worldwide Clinical Trials has agreed to acquire Catalyst Clinical Research, a contract research organization (CRO) that provides oncology clinical research expertise.
Financial terms of the acquisition were not disclosed, but Axios reported that Research Triangle Park, N.C.-based Worldwide will pay $500 million. The companies expect to close the deal this quarter.
Worldwide is a full-service CRO with approximately 3,500 employees in more than 60 countries. The company lists neuroscience, oncology, rare diseases, and cardiometabolic and inflammatory diseases as its focus therapeutic areas. Worldwide provides services covering all stages of clinical research, but said it has recently invested in its early-stage services and capabilities, including opening a bioanalytical center of excellence and launching a large molecule service in 2022. According to the Society of Clinical Research Professionals (CCRPS) 2025 50 CRO Directory, Worldwide has annual revenue of approximately $400 million.
Wilmington, North Carolina-based Catalyst also describes itself as a full-service CRO but has specific expertise in early-stage oncology trials. The company isn't big enough to be among CCRPS' top 50, but it says it has more than 1,000 employees in the United States, Europe and Asia Pacific.
“The combination of Worldwide and Catalyst enhances our capabilities in oncology and delivers new solutions to our collective customers,” Worldwide CEO Alistair Macdonald said in a prepared statement. “We are excited to add Catalyst's deep operational expertise and oncology credibility to our own well-known products [central nervous system] Specialized CRO capabilities create differentiated, biotech-driven oncology solutions. “
Worldwide is a portfolio company of private equity firm Kohlberg, which acquired a majority stake in CRO in 2023. Prior to Kohlberg, TJC had been Worldwide's sole investor since 2007 and remains a minority shareholder. Kohlberg said it has more than $17 billion in assets under management.
Worldwide is part of Kohlberg's broader portfolio that makes up what the private equity firm describes as the pharmaceutical services ecosystem — companies in the industry that are related but do not compete. Other healthcare companies in Kohlberg's portfolio include pharmaceutical supply chain solutions company PCI Pharma Services, outsourced pharmaceutical commercialization services company Trinity Life Sciences and drug and medical device packaging company Nelipak Healthcare Packaging.
Catalyst is owned by QHP Capital (formerly NovaQuest Private Equity). Raleigh-based QHP invests in life sciences and pharmaceutical services companies; NovaQuest acquired a majority stake in Catalyst in 2018. QHP said it has invested more than $1 billion since 2018 from two funds spread across 10 platform companies.
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