Contract research organization M&A activity decelerated in 2025, with transactions focused on geographic expansion and technology capabilities rather than blockbuster consolidations. Thermo Fisher’s acquisition of Clario for $8.8 billion remained the year’s largest deal, but most deals were smaller tuck‑ins or PE‑backed roll‑ups. Deal rationales centered on adding regional footprints, first‑in‑human capacities and specialized platforms such as eCOA and biostatistics services. Private equity remained an active buyer in the sector while larger players prioritized targeted capability gaps. Observers expect continued sector rationalization, but anticipate the pace and size of deals will hinge on macro financing conditions and demand for outsourced clinical services.