Private equity company THL Partners has announced its agreement to purchase Headlands Research, a multinational clinical trial sites network, from investment firm KKR-managed funds.
The transaction is valued at approximately $600m, as per sources who requested anonymity, as reported by Reuters.
The alliance is expected to propel Headlands Research’s ongoing expansion, with a focus on enhancing its centralised infrastructure and technology.
This strategic move is aimed at bolstering Headlands Research’s delivery of trial data to biotech and pharma sponsors, supporting the company’s aim of progressing medical therapies.
Operating across North America, Headlands Research carries out clinical studies in various key therapeutic fields, including vaccines, central nervous system disorders, and metabolic diseases.
The company is said to use physician connections and a data-driven operating model, which broadens trial access to traditionally underrepresented subject groups.
Headlands was established in 2018 by KKR through its Health Care Strategic Growth Fund with the objective of revolutionising the trial site sector and enhancing study inclusivity.
The investment in Headlands Research will be made through THL’s Fund IX, with the transaction’s closure anticipated this year, contingent on customary closing conditions.
Advising THL on legal matters for the transaction were McDermott Will & Schulte and Paul, Weiss, Rifkind, Wharton & Garrison, with Jefferies serving as the lead financial advisor.
Edgemont Partners also provided financial advisory services to THL.
KKR and Headlands Research received exclusive financial advice from Houlihan Lokey and legal counsel from Kirkland & Ellis.
Headlands Research CEO Kyle Burtnett said: “I’d like to thank KKR for their tremendous support since our founding. Together, we’ve built an outstanding business with a highly dedicated team working every day to advance medical research.
“THL shares our vision and excitement for the opportunity to accelerate clinical trial innovation, and we couldn’t be more excited to work with their team as we seek to build on the strong foundation that we have in place.”
Over 5,000 clinical studies have been completed by Headlands Research so far.
In July 2025, Headlands Research acquired Puerto Rico’s clinical research site, CMRCenter, for an undisclosed sum.
“THL Partners agrees to acquire clinical trial site firm Headlands Research” was originally created and published by Clinical Trials Arena, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
