McKesson to Acquire Precision Medicine Group in $2.25B Deal

Why This Matters: Check out Contract Pharma’s Pharmaceutical Industry Mergers & Acquisitions Roundup.

McKesson is acquiring Precision Medicine Group, a global clinical research and biopharma commercialization services provider, for $2.25 billion.

The definitive agreement places Precision Medicine Group under McKesson’s oncology and multispecialty segment.

Importance of Acquisition

According to a McKesson press release, Precision Medicine Group is known for supporting next-generation approaches to drug development and commercialization. Precision offers a suite of integrated services and technology-enabled products to life science innovators in biotechnology, plus pharmaceutical companies.

Among these are biomarker intelligence, lab services, a global clinical research organization, market access consulting, and commercialization support.

Meanwhile, McKesson counts among its partners biopharma companies, care providers, pharmacies, manufacturers, governments, and other stakeholders.

Precision Advances McKesson Mission

“This acquisition represents another meaningful step in advancing our oncology and multispecialty strategy,” McKesson Chair and CEO Brian Tyler said. “[It] reflects our continued commitment to providing patients with access to the highest quality of care.”

Tyler added Precision’s “complementary capabilities” enhance McKesson’s clinical research and commercialization services, strengthening clinical trial execution and broadening other offerings.

“Joining McKesson provides a compelling opportunity to extend the impact of our expertise,” Precision CEO Margaret Keegan said. “Together, we will bring a broader set of capabilities to biopharma companies, supporting them through the development and commercialization process. We are excited to join McKesson and advance our shared commitment to enabling innovation and improving patient access.”McKesson’s acquisition, announced Aug. 25, remains subject to customary closing conditions, including regulatory clearances.