Evergreen M&A helps founders of clinical research sites achieve maximum value when considering a sale. From preparing your site for the market to managing negotiations and reducing risk throughout due diligence, we guide owners through the full end-to-end process — ensuring your exit is strategic, smooth, and aligned with your financial and personal goals. If you have questions as you’re reviewing the materials, please contact Senior M&A Advisor for Clinical Research, Hannah Huke,
hannah@evergreenforfounders.com.
Timing the sale of a clinical research site is one of the most important, and most difficult, decisions a founder will make. The industry is changing quickly. Trial volume is increasing across several high-growth therapeutic areas; private equity and strategic buyers continue to enter the space; and consolidation is reshaping valuation dynamics for both platform and add-on acquisitions.
But that doesn’t mean every site should sell now — nor does it mean waiting is always in your best interest. The right decision depends on your site’s performance, the industry cycle, and your personal objectives.
Below is a balanced framework to help site owners evaluate whether now is the right
time to explore a sale… or whether waiting could yield a stronger outcome.
1. Where the Market Is Today
The clinical research site market remains one of the most active segments within
healthcare services. Key trends shaping current valuations include:
Strong demand from buyers
Private equity has accelerated investment in research sites because of:
- Recurring revenue tied to sponsor contracts
- Predictable visit volume
- Fragmented market structure
- Opportunity for scale through acquisitions
- Increasing trial complexity requiring specialized sites
Recent platform transactions, such as Genstar’s 2024 majority investment in Flourish
Research and BayPine LP’s 2025 acquisition of CenExel, signal continued institutional interest in scaled, operationally mature networks.
Valuation environment
While every site is unique, the broad ranges are:
- Platform-quality sites: 8–12x EBITDA, sometimes higher for specialized
therapeutic areas or multi-site networks.
- Add-on sites: 4–8x EBITDA, depending on size, sponsor diversity, enrollment
performance, location, and trial portfolio.
Industry growth drivers
The overall drug development pipeline remains robust. According to industry analyses, CNS, metabolic disease (including obesity/NASH), and oncology continue to see double-digit annual growth in trial starts. Sites operating in these areas may see
heightened buyer interest.
Bottom line:
The market is active and competitive, especially for well-run sites — but conditions vary depending on your specific profile.
2. Reasons You Might Consider Selling Now
A. You have strong performance and clean operations
If your site has:
- Consistent enrollment
- High-performing PIs
- Stable staff
- Strong regulatory track record
- Solid financial documentation
- A diversified sponsor/CRO base
…you may be positioned to command a premium valuation today.
B. You may qualify as a “platform” rather than an add-on
Sites with multiple locations, specialized therapeutic expertise, or sophisticated
operations may receive platform-level interest, which carries significantly higher
multiples. If the market shifts and new platforms form, your site might transition from a platform to an add-on, reducing value.
C. Consolidation is accelerating
As consolidation progresses, platform premiums typically decline, and buyers become more price-sensitive. Early movers generally benefit the most.
D. Personal priorities
Some founders sell because they:
- Want to reduce personal risk
- Are burned out
- Prefer more predictable income
- Want to retire or transition into a new role
- Want liquidity while remaining involved in the business
If the business is strong and personal timing aligns, selling earlier may be the best path.
3. Reasons You Might Wait to Sell
A. Your financials or operations need time to strengthen
If you’re experiencing any of the following, waiting to sell can dramatically increase
value:
- PI dependency (one PI contributing a majority of trial activity)
- Inconsistent visit accruals or billing delays
- Frequent coordinator turnover
- Limited sponsor diversity
- Declining enrollment efficiency
Even 6–12 months of operational cleanup can shift your multiple by several turns.
B. You want to grow into platform territory
If expanding:
- A second location
- New therapeutic areas
- Additional PIs
- Operational leadership
- Technology infrastructure
…could move you into a higher valuation category, waiting may be the smarter option.
C. You want to participate in the upside of growth before selling
Some owners want a higher trailing EBITDA to maximize cash at close. If you can
realistically grow EBITDA 20%+ over the next year with strong visibility, waiting may be advantageous. We will caution that a realistic growth plan is key to this – we have heard time and again from owners who plan to wait a year to grow EBITDA, only to speak in a year and find that they haven’t grown at all.
4. Key Questions to Guide Your Timing Decision
Ask yourself:
- Is my site performing at or near its peak operationally?
- Would 6–18 months materially improve my financials or team structure?
- Am I likely to be viewed as a platform or an add-on?
- Is the broader market helping or hurting me right now?
- What are my personal goals, stress levels, and risk tolerance?
- If a premium buyer showed up tomorrow, would I regret not being ready?
Your answers help clarify whether preparation or action is the right next move. Our team is skilled at helping you to figure out the optimal timeline for you – whether it’s to sell now or wait for a given length of time. Contact Hannah Huke to have a confidential introductory call, 617.470.3462.
Bottom Line
There is no one-size-fits-all answer to the timing question. Today’s market is strong,
buyer demand is active, and valuations are favorable, but only if your site is positioned well. Owners with operational strength and personal readiness may achieve exceptional outcomes now. Others may benefit from 6–18 months of preparation to maximize value and negotiate from a position of strength.
Get in Touch
If you’re deciding whether to sell now or wait, Evergreen can help you evaluate your
options clearly. We provide valuation guidance, readiness assessments, and a strategic roadmap tailored to your timeline — so when the moment is right, you’re positioned to achieve maximum value with minimum risk. Contact Clinical Research Senior M&A Advisor, Hannah Huke, hannah@evergreenforfounders.com, 617.470.3462.