KKR Exits 2018 Health Venture with $600M Sale as Shares Rank 263rd on $390M Volume

On August 14, 2025, KKR (KKR) traded at a 0.95% decline with a daily volume of $0.39 billion, ranking 263rd in the market. The firm announced the sale of its majority stake in Headlands Research, a U.S.-based clinical trial network, to THL Partners for approximately $600 million. This marks KKR’s exit from a portfolio company it established in 2018 through its Health Care Strategic Growth Fund. The transaction follows KKR’s prior successful divestment of PRA Health Sciences, where it achieved a sixfold return for investors.

Headlands, which operates over 20 sites and has conducted more than 5,000 trials in areas like CNS disorders and vaccines, was founded by KKR to consolidate fragmented clinical trial operations and leverage technology for scalability. The firm cited strong growth potential in the sector driven by AI advancements in drug development and rising demand from an aging population. THL, with a 25-year track record in pharma services, emphasized its commitment to enhancing Headlands’ infrastructure and accelerating trial innovation.

KKR’s exit aligns with its strategy of investing in high-growth healthcare platforms and exiting after achieving value creation. The deal also reflects broader private equity activity in clinical trials, including recent acquisitions like BayPine’s $1.5 billion purchase of CenExel. Headlands’ CEO projected single-digit growth in clinical trial investments over the next five years, underscoring the sector’s resilience amid regulatory challenges.

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