Thermo Fisher Scientific Inc. entered into a definitive agreement to acquire CorEvitas, a provider of regulatory-grade, real-world evidence for approved medical treatments and therapies, from Audax Private Equity, for $912.5 million in cash.

CorEvitas will become part of Thermo Fisher’s Laboratory Products and Biopharma Services segment. The transaction is expected to be completed by the end of 2023.

CorEvitas, with operations in the U.S., provides services to pharmaceutical and biotechnology companies with objective data and clinical insights aimed at improving patient care and clinical outcomes. CorEvitas manages 12 registries, including nine autoimmune and inflammatory syndicated registries. Its multi-therapeutic data intelligence platform builds and scales multiple clinical registries across specific therapeutic areas to gather structured patient clinical data spanning more than 400 investigator sites and over 100,000 patients followed longitudinally.

CorEvitas has approximately 300 employees and expected revenue of $110 million in 2023.

“The addition of CorEvitas will further advance our capabilities to better serve our pharma and biotech customers and strengthen our value proposition,” said Marc Casper, Chairman, President, and CEO of Thermo Fisher. “CorEvitas is an excellent strategic fit for Thermo Fisher and highly complementary to PPD, our leading clinical research business. There is strong market demand for real-world evidence which improves decision making and reduces the time and cost associated with drug development. As the trusted partner, we continue to further differentiate our capabilities to help our customers accelerate innovation and drive productivity. We look forward to welcoming CorEvitas to Thermo Fisher.”

Raymond Hill, Chairman and CEO of CorEvitas, said, “This is an exciting next step for CorEvitas. Thermo Fisher shares our science-led and mission-driven culture and commitment to driving innovation and improving patient outcomes. I am confident that becoming part of a global leader with deep life science expertise, commercial reach, international presence, and proven operational excellence will provide significant opportunities for both our customers and our colleagues. I look forward to working with the entire Thermo Fisher team as we enter this next phase of growth.”