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Peer Fund / Dealmaker·Pharma Services

Raymond H. Hill

Operating Partner, Healthcare at Arsenal Capital Partners

Waltham, MA

RH
LinkedIn
Why they matter

Built and sold a $900M+ RWE/pharma-services company, then joined Arsenal to source and chair pharma-services deals — a live buyer and operator reference in one call.

Background

Raymond H. Hill is an Operating Partner on the healthcare team at Arsenal Capital Partners, which he joined in April 2024 to focus on pharmaceutical services investment themes and portfolio companies. He spent the prior nine years as Chairman and CEO of CorEvitas (formerly Corrona), building it into a leading real-world evidence provider for autoimmune and inflammatory disease therapies before its 2023 sale to Thermo Fisher Scientific for over $900 million. Earlier in his career he was President of IMS Health (now IQVIA, 2003-2011), President of InVentiv Clinical (now Syneos Health), and a Partner leading A.T. Kearney's global pharmaceutical and healthcare consulting practice; he holds a B.S. from Cornell and an M.E.M. from Duke.

Notable deals

  • 2023
    As Chairman & CEO, led CorEvitas through two recapitalizations and its sale to Thermo Fisher Scientific for $912.5 million
  • 2024
    Joined Arsenal Capital Partners as Operating Partner on the healthcare team, focused on pharma services
  • 2024
    Named Chairman of the Board of Endpoint Clinical and Fortrea Patient Access after Arsenal's carve-out from Fortrea

Call-prep brief

Background

  • Operating Partner, Healthcare at Arsenal Capital Partners since April 2024; focused on pharma services / CDMO-adjacent investment themes
  • Built CorEvitas (RWE registries for autoimmune/inflammatory disease) over 9 years as Chairman & CEO; sold to Thermo Fisher Scientific in 2023 for $912.5M
  • Earlier operating roles: President, IMS Health (2003-2011, now IQVIA); President, InVentiv Clinical (now Syneos Health); global Partner at A.T. Kearney's pharma/healthcare practice

Current focus

  • Sourcing and operationally supporting Arsenal's pharma services / clinical research portfolio
  • Serves as Chairman of the Board for Endpoint Clinical and Fortrea Patient Access, carved out of Fortrea by Arsenal in June 2024

What he cares about

  • Real-world evidence generation, clinical trial technology/services, and scalable outsourced pharma services models
  • Operational build-out and eventual exit/recapitalization paths for services platforms (he has personally run this playbook twice)

Recent moves

  • Fortrea → Arsenal carve-out of Endpoint Clinical/FPA closed June 2024, with Hill installed as board chair

Potential sensitivities

  • Deep familiarity with strategics (Thermo Fisher) as an exit path — may be more useful for exit strategy/positioning than as a blind buy-side reference
  • May have non-competes or board confidentiality constraints tied to CorEvitas/Thermo Fisher and Endpoint/Fortrea

Questions to ask

  1. What made CorEvitas an attractive strategic acquisition for Thermo Fisher, and how would he position a CDMO asset similarly to strategics?
  2. What operational gaps does he see most often in pharma services / CDMO roll-ups when Arsenal underwrites them?
  3. How is the Endpoint Clinical/FPA carve-out from Fortrea progressing, and what read does that give on outsourced clinical services demand?

Outreach draft

Subject
Quick call on pharma services / CDMO landscape
Hi Ray, I'm [Placeholder Name], working with a deal team evaluating opportunities in pharma services and CDMO. Your run building CorEvitas into a real-world evidence leader through its sale to Thermo Fisher, plus your current work chairing Endpoint Clinical at Arsenal, makes your perspective directly relevant to a diligence effort we're running. We'd value 30 minutes to hear how you think about attractive services platforms today, what operational levers matter most post-close, and any read you can share on demand trends in outsourced clinical and pharma services. Would you have time in the next couple of weeks? Happy to work around your schedule. Best, [Placeholder Name]

Linked companies

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