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NEW YORK - Private equity firm THL Partners has entered into a definitive agreement to acquire Headlands Research, a multinational network of clinical trial sites, from KKR (market cap: $131.38 billion), according to a press release statement issued Thursday. According to InvestingPro data, KKR maintains a strong financial health score and ranks as a prominent player in the Capital Markets industry.
The transaction, which is expected to close in 2025 subject to customary closing conditions, will see THL invest in Headlands through its flagship Fund IX. Financial terms were not disclosed. KKR, currently trading near its 52-week high of $170.40, has demonstrated strong operational performance with $21.42 billion in revenue over the last twelve months.
Headlands Research operates an integrated network of clinical trial sites across North America, conducting trials in therapeutic areas including central nervous system disorders, vaccines, and metabolic diseases. The company was founded by KKR in 2018 through its Health Care Strategic Growth Fund.
"This is an exciting moment for our industry, with groundbreaking science and new therapies emerging at an unprecedented pace," said Kyle Burtnett, CEO of Headlands Research, who expressed gratitude to KKR for their support since the company’s founding.
The strategic partnership aims to fuel Headlands’ continued expansion, enhance its technology infrastructure, and strengthen its ability to deliver clinical trial data for pharmaceutical and biotech sponsors.
Megan Preiner, Managing Director at THL, noted that "innovative companies such as Headlands are critical to advancing clinical trials with precision, scale, and flexibility."
THL has been active in pharmaceutical services for over 25 years, with previous investments including Fisher Scientific, PCI Pharma Services, and Syneos Health.
Jefferies served as lead financial advisor to THL, with Edgemont Partners also acting as financial advisor. McDermott Will & Schulte and Paul, Weiss, Rifkind, Wharton & Garrison served as legal advisors. KKR and Headlands were advised by Houlihan Lokey as financial advisor and Kirkland & Ellis as legal advisor.
In other recent news, KKR & Co LP reported its second-quarter 2025 earnings, exceeding analysts’ expectations. The company achieved an adjusted earnings per share of $1.18, surpassing the forecasted $1.13. Additionally, KKR’s revenue reached $1.86 billion, higher than the anticipated $1.81 billion. Despite these positive financial results, KKR’s stock saw a decline in pre-market trading. In another development, KKR led a financing package to support Harvest Partners’ investment in Med-Metrix. The financing will aid in the growth of Med-Metrix, a company specializing in Revenue Cycle Management solutions for healthcare organizations. Med-Metrix’s CEO, Joseph Davi, along with his management team, will continue to lead the company. A&M Capital, the previous majority owner, will retain a minority stake and contribute additional capital to the transaction.
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