Doubt on Nucleus sale deal

By the Editorial Team · Thursday, October 22, 2026

Blackstone’s attempt to sell Nucleus Network, Australia’s largest phase one clinical trial provider, faces uncertainty as bidders struggle to meet its asking price of over $1 billion. The outcome will affect a growing clinical trial market where recent deals signal rising valuations but negotiations remain stalled due to high seller demands.

The potential sale of Nucleus Network, Australia’s largest provider of phase one clinical trials, appears uncertain as parties involved reportedly struggle to meet price expectations set by current owner Blackstone. Sources indicate that Blackstone, a New York-based private equity firm, has been seeking more than $1 billion for the business, a valuation approximating 20 times its earnings, which some industry insiders consider high.

The sale process, which began earlier this year and recently advanced to its final stages, had reportedly narrowed to around two main contenders. Bain Capital, a Boston-based private equity firm, has emerged as the leading bidder, with financial advisory support from Lazard. Meanwhile, other interested parties, including China’s Boyu Capital and another unnamed strategic buyer, remain involved. EQT, which was advised by Bank of America, withdrew from the bidding earlier in the process. The investment bank Goldman Sachs has been overseeing the transaction on behalf of Blackstone.

Blackstone acquired Nucleus Network in 2021 from Crescent Capital for approximately $700 million. At that time, the business generated earnings before interest, tax, depreciation, and amortisation (EBITDA) of around $35 million. Since the acquisition, earnings have reportedly doubled to more than $70 million, reflecting significant growth. Nucleus Network operates clinical trial facilities in Melbourne and Brisbane and expanded into the United Kingdom last year through the acquisition of Hammersmith Medicines Research.

The sale comes amid increased activity in the clinical trial sector. Recent transactions include the sale of a majority stake in New Zealand Clinical Research Group to Advent International, which valued the company at roughly $1 billion. Separately, Healius’s Agjiex Biolabs was sold to Novotech, backed by TPG Capital, for about $160 million.

As discussions continue, it remains unclear whether Blackstone will adjust its price expectations or if interested parties can bridge the valuation gap to finalize the deal.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.