New York, January 20, 2026, 13:21 EST — Regular session
- Thermo Fisher shares slipped in afternoon trading as Australia launched an initial review of its Clario acquisition.
- The regulator’s register opened a decision window stretching into early March.
- Investors are zeroing in on Thermo Fisher’s upcoming earnings report, seeking clues on deal timing and demand trends.
Shares of Thermo Fisher Scientific Inc (TMO) slipped on Tuesday following Australia’s competition watchdog launching a Phase 1 initial assessment of its planned acquisition of clinical-trial tech company Clario Holdings. The case, listed as MN-01075 in the regulator’s acquisitions register, had a market questionnaire issued on Jan. 19, with the determination period set to end on March 2. TMO shares fell 0.2% to $617.27 in early afternoon trading. 1
The consultation marks a new phase in a deal that’s been lingering quietly for months, but timing is crucial now. A formal review will put investor attention squarely on the schedule, conditions, and whether regulators will require adjustments before giving the green light.
The stock barely budged, as there’s scant new company news this week. Focus shifts now to the upcoming earnings call, where management is expected to get sharp questions on deal timing and lab and biopharma spending trends.
In October, Thermo Fisher agreed to acquire Clario for $8.875 billion in cash at closing. The deal also includes future payments: $125 million due January 2027, plus up to $400 million in performance-based earn-outs scheduled for 2026 and 2027. The company expects the transaction to finalize by mid-2026, pending regulatory approval. CEO Marc N. Casper described Clario as “an outstanding strategic fit” when unveiling the agreement. 2
Clario is projected to pull in around $1.25 billion in revenue by 2025 and employs about 4,000 people, according to MedTech Dive. J.P. Morgan analyst Casey Woodring noted that acquiring Clario would bolster Thermo Fisher’s contract research organisation (CRO) segment — which handles outsourced clinical trial services — and could reduce drug development expenses. 3
Tuesday saw a broad market pullback. The S&P 500 ETF SPY dropped roughly 1.5%, and the health care sector fund XLV dipped about 0.2%. Meanwhile, life-sciences tools stocks showed a split; Danaher ticked up slightly, but Agilent fell more than 2%.
Investors are watching two key timers. First, the regulatory deadline in Australia on March 2. Then, the company’s update next week on demand, margins, and any shifts to the Clario schedule.
Still, the review might drag on or impose conditions that alter the deal’s economics, particularly if regulators dig into overlaps in clinical-trial services. Any cautious signals on demand in the earnings report would probably have a bigger impact on the stock than the regulatory filings themselves.
Thermo Fisher plans to release its Q4 and full-year 2025 earnings before the market opens on Jan. 29, with a conference call set for 8:30 a.m. ET, the company’s investor site shows. 4
