Precision Medicine Group Lands Major New Investment
Wednesday, December 20, 2017
Precision Medicine Group (PMG) announced that it has reached an agreement for a $275 million investment that positions the company for the next phase of growth. The transaction is being led by Berkshire Partners and TPG Growth and also includes significant participation from Precision’s co-founders and management team as well as original investors Oak Investment Partners and J.H. Whitney. This is Berkshire Partners’ first investment in PMG and for TPG Growth this represents a significant expansion of the investment position it established in December 2015.
“This is a significant milestone for the company,” said Mark Clein, CEO. “It recognizes both the progress achieved to date and the bright potential for our future. We are fortunate and gratified to have the support of our capital partners and colleagues.” Chairman Ethan Leder commented, “We are delighted to have Berkshire rejoin us as they were a key investor in our previous business and added great value to the team.”
“Precision has built a unique and compelling set of services that address the most important challenges facing biopharmaceutical and diagnostic companies,” said Chris Hadley, a Managing Director at Berkshire Partners. “We are thrilled to participate in the next leg of growth and expansion focused on accelerating development and demonstrating value for customers.”
Since its inception in 2012, PMG has grown to over 1,000 employees and 22 locations in the U.S., Canada and Europe. This investment will support the expansion of PMG’s global footprint and provide additional scale to accelerate the development, approval and commercial success of innovative treatments.
“We could not be more pleased with PMG’s progress since our initial investment in 2015,” said Matt Hobart, Partner at TPG Growth. “Operating at the intersection of drugs and diagnostics, PMG is in a unique position to drive innovations across the healthcare industry.”
