Article
Kohlberg-Backed Worldwide Clinical Trials to Buy Catalyst Clinical Research for Roughly $500M
Kohlberg & Co.-backed Worldwide Clinical Trials has struck a deal to acquire contract research organization Catalyst Clinical Research in a transaction that values the company at around $500 million, according to sources.
Headquartered in Wilmington, NC, Catalyst Clinical Research provides clinical trial and drug development solutions to the biotechnology and biopharmaceutical industries. The company has been backed by QHP Capital since October 2018, according to the firm’s website.
The buyer is paying 20 times the company’s EBITDA, which is approximately $25 million, according to sources.
Worldwide Clinical Trials is a global contract research organization providing clinical trial management services across Phase I to Phase IV and post-market research. Kohlberg & Co. made a majority investment in the company in 2023, with TJC retaining a minority stake.
Potential comparable companies for Catalyst Clinical Research are listed in Octus’ Private Credit Dashboard.
Blackstone Private Credit Fund is a first lien lender to Worldwide Clinical Trials, according to Octus’ BDC Database. The facility is priced at SOFR+475 bps and matures in December 2029.
Pricing on direct lending facilities supporting healthcare M&A tightened to an average of SOFR+492.39 bps in the third quarter of 2025, down from SOFR+512 bps in the prior quarter, according to Octus’ Private Credit Dashboard.
Pharmaceutical services auction activity has picked up, with William Blair collecting second-round bids for Genstar Capital-backed ConnectiveRx on Dec. 23, Octus reported. The company generates about $150 million of EBITDA.
Elsewhere in the healthcare sector, family-owned group purchasing organization Asembia is in the second round of a Bank of America-led auction, Octus reported. The Florham Park, N.J.-based company generates $50 million to $75 million of EBITDA.
Bank of America declined to comment. QHP Capital, Catalyst Clinical Research, Kohlberg & Co., TJC and Worldwide Clinical Trials did not return requests for comment.
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