Home / News / Private Equity / THL Partners acquires Headlands Research from KKR

THL Partners acquires Headlands Research from KKR

THL Partners has agreed to acquire a majority interest in Headlands Research, a U.S.-based network of more than 20 clinical trial sites, from KKR in a transaction valued at around $600 million, according to sources. The deal reflects growing investor interest in clinical trial operators, as pharmaceutical companies increase R&D spending and AI accelerates drug development timelines.

Headlands, founded by KKR in 2018 to consolidate a fragmented market of independent trial sites, has since conducted over 5,000 trials in areas such as central nervous system disorders, vaccines, and metabolic diseases. KKR’s decision to build rather than buy marked a departure from its usual approach, with the firm citing an unmet need for a scaled, tech-enabled network to serve biopharma clients. The exit follows KKR’s profitable divestment of PRA Health Sciences in 2021, part of a series of high-return healthcare investments.

THL, an experienced investor in pharma services with prior stakes in Syneos Health, PCI Pharma Services, and Adare Pharma Solutions, plans to use the acquisition to expand Headlands’ footprint, upgrade technology, and enhance centralized infrastructure. Industry activity remains robust, with recent deals including BayPine’s $1.5 billion purchase of CenExel and Genstar Capital’s majority investment in Flourish Research.

Headlands CEO Kyle Burtnett projects single- to upper-single-digit annual growth in trial investments over the next five years, underpinned by strong demand for diverse, high-quality data from pharmaceutical and biotech sponsors.

Source: Reuters

Share this article:

Sign up for our newsletter

Join thousands and subscribe to our newsletter below