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Scoops: PE's clinical site auction pipeline grows

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NScale's executive comp clause

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Exclusive: €30M to automate pharma

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Exclusive: Climate Capital's spinoff VC

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Driving the day

🚨 Deals Deals Deals!

Final word

Blackstone's $2.25 billion sale of clinical research organization Precision Medicine Group to McKesson looked like a low-teens EBITDA deal — but it sold on earnings closer to $100 million, versus the $200 million initially marketed, Axios Pro has learned.

Why it matters: Private equity's clinical trial site management auction pipeline is stacked, and the market is hungry for reliable comparables. 

State of play: Sponsors have steadily rolled up the space, betting scale can translate to larger trial mandates, higher revenue and better margins. 

Now, several of those platforms are looking for exits.

The latest: Alcanza Clinical Research, backed by Martis Capital, is in the second round of its process with Jefferies, Axios Pro has learned.

It's seeking a roughly $800 million valuation, or a mid-teens multiple, per one source.

Iterative Health, backed by Insight Partners and others, is among the bidders but would likely need to raise equity to get a deal done, per another source.

Coming soon: Everest Clinical Research, an Arlington-backed biometric CRO with about $45 million of EBITDA, hired Jefferies to lead its process, per two sources. (It closed a bolt-on last week).

Alzheimer's Research and Treatment Center, a Cerberus-backed clinical trial site management business, hired Houlihan and is preparing to launch.

What we're watching: Linden-backed Evolution Research Group, which has around $40 million of EBITDA, hired Harris Williams for a 2027 launch. 

Jefferies and Martis declined to comment. Linden, Arlington, Houlihan, Harris Williams, Iterative, McKesson and Blackstone didn't respond to a request for comment. 

1. Scoops: PE's clinical site auction pipeline grows

Signaling the importance of Microsoft and Anthropic to its future, AI hyperscaler Nscale has tied its CEO's compensation to "key commercial agreements," per its IPO prospectus.

Why it matters: The uncommon clause underscores how much AI growth still depends on just a handful of major players.

Driving the news: CEO Josh Payne is eligible for millions more shares if the company hits certain megawatts deployed, under agreements that last through 2032. 

Those shares would be valued at $140 million as of July 31, and the IPO is expected to price them significantly higher.

By the numbers: Anthropic and Microsoft make up 45% and 44%, respectively, of Nscale's more than $103 billion in future contract value.

"Any negative changes in demand from Microsoft, Anthropic... would adversely affect our business," Nscale's S-1 warns.

Between the lines: Turning that $103 billion figure into revenue won't be a simple flip of a switch.

Nscale still needs to secure financing for its Anthropic agreement, under which Anthropic could pay up to $44.6 billion for dedicated compute across four tranches.

If Nscale misses delivery deadlines due to factors considered within its control, Anthropic will be eligible for discounts after a specified delay period. Delays caused by third-party suppliers are generally excused.

If a delay drags on, Anthropic also has the ability to forgo payment. 

Similarly, Microsoft gets a full-day credit for each day Nscale is late delivering GPU services, unless Nvidia is at fault.

2. NScale's executive comp clause

Biolevate, a pharma-focused SaaS startup, has raised €30 million in Series A funding, CEO Joël Belafa tells Axios Pro exclusively.

How it works: France-based Biolevate uses AI to automate research, regulatory and other knowledge-heavy workflows across pharma and biotech.

Its platform can help with literature reviews, reports on clinical studies, regulatory submissions, pharmacovigilance reports and manufacturing quality-control checks. 

Customers include drugmaker Sanofi and medical publisher Elsevier.

Follow the money: RAISE France and Orange Ventures co-led, joined by MSD Global Health Innovation Fund, Station F and existing investor EQT Ventures. 

Biolevate previously raised €6 million.

State of play: Mithrl, another SaaS aimed at shortening drug R&D timelines, raised a $20 million Series A last week.

In April, Helical raised a $10 million seed round to expand its virtual AI platform for drug discovery.

Condor Software, an AI forecasting platform for life sciences, raised a $24 million Series A round in March.

3. Exclusive: €30M to automate pharma

Illustration: Sarah Grillo/Axios. Stock: Getty Images

Climate Capital has launched a $4 million early-stage spinoff, Resilient Systems Capital, general partner Sundeep Ahuja tells Axios Pro exclusively.

Why it matters: The long-running venture firm has built one of the largest networks of low-carbon startups through hundreds of micro-investments. 

Catch up quick: Climate Capital, with about $90 million AUM, largely invests through SPVs and a rolling venture fund, writing first checks of $10,000 to $25,000. 

Zoom in: Resilient Systems Capital (RSC) is a more traditional venture firm, operating separately from Climate Capital, Ahuja says.

Its debut fund, which closed this month, drew most of its backing from AngelList LPs, plus a couple of family offices.

The latest: It's so far invested about half of Fund I, writing first checks of $100,000 for seed and Series A rounds.

It's ultimately targeting 30 to 35 startups in low-carbon energy, climate adaptation and infrastructure AI.

The fine print: Ahuja is leading the fund as a GP, while retaining his role at Climate Capital. Ian Campbell, a senior associate at Climate Capital, is another partner at RSC.

RSC pays some management fees to Climate Capital, but is legally distinct, Ahuja says. It does not pay carry back to Climate Capital.

Flashback: Climate Capital launched RSC in 2023. "Had personal stuff come up, then a baby; fundraising slowed," Ahuja says.

Another Climate Capital spinoff, biotech-focused Juniper, closed its debut fund in 2024 with $10.6 million.

4. Exclusive: Climate Capital's spinoff VC

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5. Driving the day

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6. 🚨 Deals Deals Deals!

 "AI is materially advancing clean energy technologies... When we talk about slowing down AI, all of the benefits that we're starting to see from AI, those get delayed as well."

— Josh Parker, Nvidia head of sustainability, speaking at Axios House: Powering the Next Era of Innovation

September 21, 2026

1. Scoops: PE's clinical site auction pipeline grows