Oxurion negotiates acquisition of Eclevar's activities and operational assets, French CRO specializing in medical devices
The Belgian biopharmaceutical group listed in Brussels has entered into exclusive negotiations to take over the activities of a clinical research company specializing in medical devices. The transaction would be based on a pricing mechanism indexed to the future profitability of the target, still subject to the signature of definitive agreements.
Oxurion negotiates acquisition of Eclevar's activities and operational assets, French MedTech CRO
Oxurion announced on September 30, 2026 that it has entered into exclusive negotiations with a view to acquiring the activities and operational assets of Eclevar, a French clinical research company (CRO) specializing in the medical devices industry. The group, based in Louvain and listed on Euronext Brussels, presents this transaction as a diversification step towards a platform covering clinical and regulatory services across all life sciences. According to the press release, Eclevar has developed over the past four and a half years a presence and customer base in Europe, Japan and China. Its offering covers pre-commercialization clinical investigations, post-commercialization follow-up studies, regulatory consulting, international study design and support for access to the European market. The group situates this transaction in a context where clinical development requirements are strengthening and regulatory expectations are converging toward pharmaceutical standards, noting that in Europe the regulation on medical devices has created a significant opportunity for integrated MedTech CROs.
A price indexed to Eclevar's future EBITDA
Eclevar Healthtech generated revenue of 2.9 million euros for the fourteen-month fiscal year ended December 31, 2025, or approximately 2.5 million euros normalized over twelve months. Based on its current business plan, the company is targeting revenue of approximately 3 million euros for fiscal year 2027. The envisaged pricing mechanism is indexed to the profitability of the target: 3.0 times EBITDA for an EBITDA between 500,000 euros and 1.0 million euros, 5.0 times EBITDA between 1.0 million and 2.0 million euros, and 6.5 times EBITDA above 2.0 million euros. A put option could only be exercised once and could be settled in cash, in Oxurion shares or by a combination of the two, at Oxurion's discretion. Oxurion shares received as consideration would benefit from anti-dilution protection.
Completion targeted before the end of 2026
The parties are targeting completion of the transaction by no later than December 31, 2026. This completion remains subject to the signature of definitive agreements and the satisfaction of usual conditions precedent. Pascal Ghoson, Chief Executive Officer of Oxurion, indicated that Eclevar would allow the group to acquire critical mass and specialized expertise in the MedTech CRO market, citing complementarity between Eclevar's clinical and regulatory expertise, Axiodis's biostatistical know-how and Oxurion's infrastructure. Chems-Eddine Hachani, founder of Eclevar, stated that Oxurion's external growth strategy constituted a platform to support the next phase of development of the company, with the objective of accelerating organic growth and expanding expertise.
