Kirkland Advises KKR-Backed Headlands Research on Proposed Sale to THL

Kirkland & Ellis is advising global investment firm KKR and Headlands Research on a definitive agreement in which private equity firm THL will acquire Headlands, a multinational network of clinical trial sites. The strategic partnership between THL and Headlands will fuel Headlands’ continued expansion, enhance its technology and centralized infrastructure, and further strengthen its ability to deliver high-quality, diverse clinical trial data for pharmaceutical and biotech sponsors. KKR founded Headlands in 2018 via its Health Care Strategic Growth Fund to transform the clinical trial site industry and improve the throughput and inclusivity of clinical trials. The transaction was announced August 14, 2025 and is expected to close in 2025 subject to the satisfaction of customary closing conditions.

Read the transaction press release

The Kirkland team included corporate lawyers Lee Blum, Andrew Arons and Jennifer Perkins; debt finance lawyers Adam Shapiro and Taylor Andrews; tax lawyers Mike Beinus and Vivek Ratnam; and healthcare lawyer Dennis Williams.