Worldwide Bets Big on Oncology with Catalyst Acquisition

RESEARCH TRIANGLE PARK, NC & NOTTINGHAM, England – January 20, 2026 – In a strategic move poised to reshape the competitive landscape of clinical research, global contract research organization (CRO) Worldwide Clinical Trials has entered into a definitive agreement to acquire Catalyst Clinical Research. The deal brings a specialized oncology powerhouse into the fold of a full-service global player, signaling a major bet on specialization within the rapidly consolidating CRO industry.

Catalyst, a North Carolina-based firm, has carved out a strong reputation for its expertise in complex early-phase oncology trials and its flexible Functional Service Provider (FSP) model. The acquisition, financial terms of which were not disclosed, is designed to establish Worldwide as a premier, oncology-focused CRO. Following the transaction's close, expected in the first quarter of 2026, Catalyst’s leadership will be integrated into Worldwide’s top ranks, with Chairman Nick Dyer joining the Board of Directors and CEO Nik Morton joining the executive leadership team.

A Strategic Play in a High-Growth Market

The acquisition arrives as the CRO market, particularly the oncology segment, experiences explosive growth. The global oncology clinical trials market, valued at nearly $19 billion in 2025, is projected to more than double to over $40 billion by 2034, expanding at a compound annual growth rate of 8.85%. This sector alone represents a significant slice of the total CRO market, making deep expertise in cancer research a critical differentiator.

By acquiring Catalyst, Worldwide is making a clear statement about its ambitions. The company aims to create what it calls a “differentiated biotech-oriented oncology solution,” directly targeting the needs of emerging biotechnology firms that are at the forefront of developing next-generation cancer therapies. This move positions Worldwide to compete more aggressively with industry giants like IQVIA, ICON, and Parexel, which have also expanded their oncology capabilities through strategic acquisitions.

“Bringing Worldwide and Catalyst together elevates our capabilities in oncology and provides a new solution for our collective customers,” said Alistair Macdonald, Chief Executive Officer of Worldwide. “We are excited to add Catalyst’s deep operational expertise and oncology credibility to our own well-known CNS specialist CRO capabilities to create a differentiated biotech-oriented oncology solution.”

Blending Expertise and Flexibility

The true value of the merger lies in the complementary nature of the two organizations. Worldwide brings global scale and extensive experience in late-phase (Phase II-IV) clinical trials across multiple therapeutic areas. Catalyst, in contrast, offers deep, specialized knowledge in the intricate and high-stakes world of early-phase oncology research.

This combination allows the new entity to offer an end-to-end service for oncology drug development, from initial first-in-human studies to large-scale global trials and post-approval research. For pharmaceutical and biotech sponsors, this integration promises a more streamlined, cohesive, and efficient development pathway.

Furthermore, the deal brings Catalyst’s highly regarded FSP model, branded as “Catalyst Flex,” into Worldwide’s portfolio. The FSP model, which allows clients to outsource specific functions like data management or clinical monitoring rather than an entire trial, is a rapidly growing segment of the CRO industry. This model offers sponsors greater control, flexibility, and cost-efficiency. The integration of Catalyst's full-service “Catalyst Oncology” and flexible “Catalyst Flex” solutions provides clients with a versatile menu of options, from full-service partnerships to hybrid models tailored to their specific needs.

“By joining forces, Catalyst brings our specialized early phase oncology expertise together with Worldwide’s strength in late phase development, expanding our global footprint and delivering differentiated oncology solutions globally,” said Nik Morton, President and Chief Executive Officer of Catalyst. He noted that the shared commitment to a “people-first culture” would be a strategic differentiator.

The Private Equity Playbook in Action

This acquisition is also a textbook example of the private equity strategy reshaping the life sciences services sector. Worldwide Clinical Trials is a portfolio company of Kohlberg, while Catalyst is backed by QHP Capital. These PE firms are key architects of the deal, leveraging M&A to build scale and enhance value.

Private equity has been heavily invested in the CRO space for years, attracted by strong cash flows and the non-discretionary nature of research and development spending. The common playbook involves acquiring a platform company and then using it to execute strategic “bolt-on” acquisitions that add new capabilities, expand geographic reach, or enter high-growth therapeutic areas. This deal fits that model perfectly.

Matt Jennings, Executive Chairman of Worldwide and a Senior Operating Partner at Kohlberg, commented on this strategy: “Integrating Catalyst will accelerate Worldwide’s growth in oncology and expand both its customer base and global reach simultaneously. Their specialized expertise, innovative platforms, and strong relationships with emerging biotech sponsors align perfectly with our vision for building a differentiated, technology-enabled CRO.”

Navigating the Perils of Integration

While the strategic rationale is compelling, the path forward is not without challenges. The history of CRO mergers is littered with cautionary tales of difficult integrations that disrupt operations and alienate clients. The most significant hurdles for the combined Worldwide-Catalyst entity will be cultural alignment, technology consolidation, and client retention.

Merging two distinct corporate cultures is a delicate process. The agility and specialized focus of a niche player like Catalyst must be preserved within the larger, more structured environment of a global CRO like Worldwide. Failure to do so could lead to the loss of key talent—the very experts who made Catalyst an attractive acquisition target.

Technology integration presents another major hurdle. Both companies have their own systems for clinical trial management, data collection, and analysis. Melding these platforms into a single, efficient system without disrupting ongoing trials is a complex and resource-intensive task. The press release promises that integrating “complementary technology platforms” will enhance data visibility, but the execution of this promise will be critical.

Finally, client retention will be paramount. Sponsors, particularly smaller biotech firms that valued Catalyst's hands-on approach, may worry about being lost in a larger organization. The new entity will need to proactively reassure clients that they will continue to receive the high level of service and senior-level attention they expect, ensuring a seamless transition that builds confidence rather than creating uncertainty.