LEUVEN: Oxurion NV, a clinical research and software platform company, said Wednesday it has entered exclusive negotiations to acquire the business and operating assets of Eclevar, a French contract research organization focused on the medical device industry.

Terms call for the deal to be structured through a newly incorporated MedTech CRO platform, 68% owned and controlled by Oxurion. The new entity would acquire Eclevar’s operating business and assets for a nominal consideration of 1 and integrate its operating team. The remaining 32% would be held by Eclevar’s founder, existing investors, employees and board members.

Oxurion said it would commit up to 250,000 in working capital at closing to support development and integration of the platform.

Eclevar Healthtech generated 2.9 million euros ($3.4 million) in revenue over the 14-month financial year ended Dec. 31, 2025, equivalent to about 2.5 million euros on a 12-month normalized basis. Based on its current business plan, Eclevar is targeting approximately 3 million euros in revenue for fiscal 2027.

The company, which has built an international footprint and client base across Europe, Japan and China over the past 4.5 years, provides pre-market clinical investigations, post-market clinical follow-up studies, regulatory advisory, global study designs and end-to-end European market access.

Minority shareholders would receive a put option over all of their shares, exercisable between Dec. 31, 2030, and Dec. 31, 2033. The option may be exercised only once and may be settled in cash, Oxurion shares or a combination, at Oxurion’s discretion.

The valuation framework is based on EBITDA multiples: 3.0x for EBITDA between 500,000 and 1.0 million; 5.0x for EBITDA between 1.0 million and 2.0 million; and 6.5x for EBITDA above 2.0 million.

Oxurion CEO Pascal Ghoson said the acquisition would give the company immediate scale and specialized capabilities in the MedTech CRO market while creating commercial and operational synergies.

“We see a clear opportunity to combine Eclevar’s clinical and regulatory expertise with Axiodis’ biostatistics capabilities and Oxurion’s broader clinical and technology platform,” Ghoson said.

Chems-Eddine Hachani, founder of Eclevar, said Oxurion’s build-up strategy provides a strong platform for Eclevar’s next phase of development.

The parties aim to complete the transaction by Dec. 31, 2026, subject to execution of definitive agreements and satisfaction of customary closing conditions.

Oxurion, listed on Euronext Brussels under the ticker OXUR, is headquartered in Leuven.