Drug-Trial Software Maker Clario Files Confidentially for IPO

Clario, a provider of software to help drugmakers advance treatments through clinical trials, has filed confidentially for an initial public offering and is targeting a valuation of more than $10 billion, people familiar with the matter said.

The Philadelphia-based company is working with underwriters including JPMorgan Chase & Co., Morgan Stanley, Jefferies Financial Group Inc. and UBS Group AG, according to the people. It’s targeting next year for a listing, one of the people said.

Clario, whose backers include Nordic Capital and Astorg, was formed in 2021 in a deal to combine ERT and Bioclinica ...