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- Headlands Research
Headlands Research Acquisition, Valuation, Funding & Investors
Headlands Research was acquired by THL for $1.2B in August 2025.
Headlands Research acquisition price
$1.2B
Acquired by THL · Aug 2025
Cumulative funding Headlands Research raised
$29M
across 9 funding rounds
About Headlands Research
Headlands Research is a clinical trial site network conducting studies across therapeutic areas including oncology, cardiology, and neurology. The San Francisco-headquartered organization manages sites in California, Texas, Florida, New Zealand, and Australia, partnering with pharmaceutical sponsors for phase I-IV trials. Founded in 2018, it emphasizes patient diversity and rapid recruitment through integrated site operations and regulatory expertise.
Founded
2018
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Services
Valuation
$600M (Jul 2025)
Headlands Research Acquisition
Headlands Research was acquired by THL for $1.2B on 14 August 2025.
Before the acquisition Headlands Research had raised $29M across 9 funding rounds.
Headlands Research operates a multinational network of over 20 clinical trial sites across North America, conducting over 5,000 trials in key therapeutic areas including central nervous system disorders, vaccines, and metabolic diseases. The company leverages physician relationships and a data-driven model to deliver high-quality, diverse data from underrepresented patient populations to pharmaceutical and biotech sponsors. Founded in 2018 by KKR's Health Care Strategic Growth Fund to consolidate fragmented independent sites and enhance trial inclusivity, Headlands recently expanded by acquiring Puerto Rico's CMRCenter in July 2025. THL Partners, a private equity firm with over 25 years in pharma services including investments in Syneos Health, PCI Pharma Services, Fisher Scientific, Adare Pharma Solutions, and Red Nucleus, entered a definitive agreement on August 14, 2025, to acquire a majority stake in Headlands from KKR funds through its flagship Fund IX. The transaction, valued at approximately $600 million, is expected to close in 2025 subject to customary conditions, with Crescent Capital as lead lender, Jefferies as financial advisor to THL, and legal counsel from Paul, Weiss, McDermott Will & Emery, and Schulte Roth & Zabel. This reflects robust investor interest in clinical trial operators amid rising pharma R&D spending and AI-accelerated drug development. The strategic partnership aims to fuel Headlands' site network expansion, upgrade technology and centralized infrastructure, and accelerate trial innovation to meet demands for complex, inclusive studies. THL's sector expertise and Strategic Resource Group will support operational improvements and growth, projecting single- to upper-single-digit annual increases in trial investments over five years. Recent comparables include BayPine's $1.5 billion CenExel acquisition and Genstar's investment in Flourish Research.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 14 Aug 2025 | PE buyout | $1.2B |
Headlands Research Valuation
Headlands Research is currently valued at $600M, based on its seed round in July 2025.
Headlands Research's valuation has moved from $600M at its seed round in November 2024 to $600M in July 2025, across 2 priced rounds.
Headlands Research valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2025 | Seed | $600M |
| Nov 2024 | Seed | $600M |
Headlands Research Funding History
Headlands Research has raised a total of $29M across 9 funding rounds.
Headlands Research's first fundraising round was a $9M Series A in November 2019. The most recent completed round was a $1M seed round in July 2025.
Headlands Research funding rounds
| Date | Stage | Raised | Valuation | Deal Summary |
|---|---|---|---|---|
| Jul 2025 | Seed | $1M | $600M | Headlands Research operates a multinational network of over 20 clinical trial sites, partnering with pharmaceutical sponsors and CROs to conduct trials in areas like central nervous system disorders, vaccines, and metabolic diseases, having completed over 5,000 trials since its founding by KKR in 2018. The company focuses on improving trial throughput, inclusivity, and data quality through technology and centralized infrastructure. In August 2025, THL Partners agreed to acquire a majority stake in Headlands Research from KKR in a transaction valued at around $600 million. The deal, announced on August 14, 2025, and expected to close in 2025, involves THL investing through its flagship Fund IX. Houlihan Lokey advised Headlands on the investment, with Kirkland & Ellis and Paul, Weiss advising KKR and THL respectively. THL plans to support Headlands' expansion, technology upgrades, and infrastructure enhancements to accelerate trial execution and market share growth in the clinical trial site sector. CEO Kyle Burtnett projects single- to upper-single-digit annual growth in trial investments over the next five years, driven by demand for diverse data amid rising R&D spending and AI-accelerated drug development. The acquisition aligns with robust industry activity, including BayPine’s $1.5 billion purchase of CenExel and Genstar’s investment in Flourish Research. |
| Nov 2024 | Seed | $2M | $600M | - |
| Mar 2024 | Pre-seed | $200K | - | - |
| Oct 2023 | Series A | $10M | - | - |
| May 2023 | Seed | $1M | - | - |
| May 2022 | Seed | $3M | - | - |
| Apr 2021 | Seed | $1M | - | - |
| Feb 2021 | Seed | $1M | - | - |
| Nov 2019 | Series A | $9M | - | - |
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Headlands Research
Headlands Research has acquired 9 companies to date.
Last acquisition by Headlands Research was on June 29th 2026. Headlands Research acquired Clinical Trials Research for undisclosed valuation.
Latest Acquisitions by Headlands Research
| Description | Clinical Trials Research is a clinical research organization that performs studies on pharmaceutical products and medical devices. | CMRCenter is a Texas-based clinical research organization conducting trials in vaccines, CNS disorders, dermatology, rheumatology, migraine, and infectious diseases. Its network of 20+ sites across the U.S. has enrolled over 10,000 patients in Phase II-IV studies for sponsors like Pfizer and Novartis, specializing in diverse populations and rapid recruitment. | Trial Management Associates is a clinical research organization coordinating Phase II-IV trials for pharmaceutical sponsors. Scottsdale, Arizona-based since 1995, the clinic manages studies in oncology, cardiology, and neurology at its dedicated facility, enrolling thousands of patients yearly. Services include regulatory compliance, patient recruitment, and data management for FDA submissions. | Pharmasite Research is a clinical trial facility in Texas specializing in mental health studies. The organization conducts psychiatric pharmaceutical trials, provides related assistance, and maintains dedicated research spaces for depression, anxiety, and schizophrenia protocols. | |
| HQ Country | |||||
| HQ City | Sacramento, CA | - | Wilmington, DE | Baltimore, MD | |
| Deal Date | 29 Jun 2026 | 2 Jul 2025 | 4 Nov 2024 | 29 Feb 2024 | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Headlands Research acquisitions and their M&A valuation multiples. Start Free Trial | |||||
Headlands Research Competitors
Headlands Research competitors include listed companies like Aurisco Pharmaceutical, Akums Drugs and Pharma and Maravai LifeSciences, and private ones like Belief BioMed, Letu and Alloy Therapeutics.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $253M | $99M | $1.2B | 4.8x | ||
| Publicly listed | $443M | $54M | $1.2B | 2.2x | ||
| Private | - | - | $1.3B | - | ||
| Private | - | - | $1.1B | - | ||
| Publicly listed | $186M | ($159M) | $1.1B | 6.6x | ||
| Private | - | - | $1B | - |
Headlands Research Public Comps
Headlands Research is no longer listed, but its public comps include Aurisco Pharmaceutical, Clarivate, Akums Drugs and Pharma, Maravai LifeSciences, ST Pharm, Anupam Rasayan India, R&G PharmaStudies, Sirio Pharma Co, Aarti Pharmalabs and Gubra.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $253M | $99M | 4.8x | 4.8x | 12.1x | 12.3x | |||
| $2.5B | $829M | 2.1x | 2.2x | 6.3x | 5.3x | |||
| $443M | $54M | 2.4x | 2.2x | 19.9x | 16.6x | |||
| $186M | ($159M) | 7.2x | 6.6x | (8.4x) | 87.7x | |||
| $241M | $65M | 5.5x | 4.7x | 20.4x | 17.8x | |||
| $242M | $55M | 7.0x | 6.9x | 31.1x | 28.8x | |||
| $127M | $27M | 5.2x | 4.7x | 24.2x | 21.2x | |||
| $636M | $52M | 1.5x | 1.5x | 18.3x | 8.9x | |||
This data is available for Pro users. Sign up to see all Headlands Research competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Headlands Research
| When was Headlands Research founded? | Headlands Research was founded in 2018. |
| Where is Headlands Research headquartered? | Headlands Research is headquartered in San Francisco, CA, United States. |
| Is Headlands Research publicly listed? | No, Headlands Research was acquired by THL in August 2025. |
| Who acquired Headlands Research? | Headlands Research was acquired by THL in August 2025. |
| How much was Headlands Research acquired for? | Headlands Research was acquired for $1.2B in August 2025. |
| What is Headlands Research's valuation? | Headlands Research was last valued at $600M in its seed round in July 2025. |
| How much funding has Headlands Research raised? | Headlands Research has raised $29M across 9 funding rounds. |
| What was Headlands Research's last funding round? | Headlands Research's last funding round was a $1M seed round in July 2025. |
| Which companies are comparable to Headlands Research? | Companies comparable to Headlands Research include Aurisco Pharmaceutical, Akums Drugs and Pharma, Belief BioMed, Letu, Maravai LifeSciences and Alloy Therapeutics. |
| How many companies has Headlands Research acquired? | Headlands Research has acquired 9 companies, including Clinical Trials Research, CMRCenter, Trial Management Associates, Pharmasite Research and AMCR Institute. |
See companies similar to Headlands Research
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