Precision Medicine Group Secures Major Investment from Blackstone
November 20 2020 - 9:00AM
Business Wire
Precision Medicine Group (PMG) and Blackstone (NYSE: BX) today
announced that PMG, a leading next-generation provider of drug
development and commercialization services, has completed a major
investment and recapitalization led by funds managed by Blackstone
(“Blackstone”). The investment includes significant participation
from Precision’s co-founders, Ethan Leder and Mark Clein, as well
as current shareholders Berkshire Partners, TPG Growth, Oak HC/FT,
and Vida Ventures.
Bethesda, Maryland-based PMG is a leading provider of
mission-critical services to help biopharmaceutical companies
conduct clinical trials and bring novel therapies to market by
integrating deep therapeutic knowledge, data and analytics, and
human expertise. With precision medicine as its foundation, PMG’s
specialized capabilities enable the development and delivery of
more targeted treatments for patients, addressing the next wave of
innovation in global health advancement, expanded access, and
outcomes improvement.
This new round of investment will fuel the expansion of PMG’s
global footprint and technical capabilities to help accelerate the
development, approval, and commercial reach of breakthrough
treatments from life science innovators. Blackstone’s deep
understanding of the drug development process and extensive
operating resources will help deliver significant value to the
partnership.
Mark Clein, PMG CEO, said: “We are thrilled to have Blackstone
join us for this next phase of growth. Their serious commitment to
the life sciences and global scope and scale make them an ideal
partner to support our vision of success and expanded capabilities
for the next generation of bio-pharma innovators.”
Julia Kahr, a Senior Managing Director at Blackstone, said: “PMG
has built a compelling set of services that address the most
important challenges facing biopharmaceutical and diagnostic
companies. We are eager to back Mark and Ethan and the highly
talented employees around the world to support their deep and
ongoing commitment to PMG’s clients and look forward to pursuing
the immense opportunity ahead by leveraging new technologies,
expertise, and scale. We are also delighted to be joining
Berkshire, TPG Growth, Oak HC/FT, and Vida to help accelerate this
success.”
Anushka Sunder, Managing Director at Blackstone, added: “We have
high conviction in the unprecedented wave of innovation PMG’s
clients are driving in personalized medicines and novel drug
mechanisms, especially in oncology and rare disease. PMG integrates
deep science, extensive biomarker and genetic data, evidence of
economic value, and market access insights to improve the speed,
cost, and success rates of bringing life-changing therapies to
patients. We are excited to support the continued expansion of
PMG’s platform and broad therapeutic reach.”
Goldman Sachs & Co. LLC acted as lead financial advisor to
PMG. Jefferies LLC and Perella Weinberg Partners also acted as
financial advisors to PMG and Debevoise & Plimpton LLP acted as
legal advisor to PMG. Morgan Stanley & Co. LLC, BofA
Securities, and Barclays acted as financial advisors and Sullivan
& Cromwell LLP acted as legal advisor to Blackstone. Terms of
the transaction were not disclosed.
About Precision Medicine Group:
Formed in 2012, Precision Medicine Group is a specialized
services company supporting next generation approaches to drug
development and commercialization. Precision provides an integrated
infrastructure that supports pharmaceutical and life sciences
companies as they develop new products in the age of precision
medicine. The company is headquartered in Bethesda, Maryland with
offices throughout North America and Europe. For more information,
visit precisionmedicinegrp.com.
About Blackstone
Blackstone is one of the world’s leading investment firms. We
seek to create positive economic impact and long-term value for our
investors, the companies we invest in, and the communities in which
we work. We do this by using extraordinary people and flexible
capital to help companies solve problems. Our $584 billion in
assets under management include investment vehicles focused on
private equity, real estate, public debt and equity, life sciences,
growth equity, opportunistic, non-investment grade credit, real
assets and secondary funds, all on a global basis. Further
information is available at www.blackstone.com. Follow Blackstone
on Twitter @Blackstone.
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version on businesswire.com: https://www.businesswire.com/news/home/20201120005471/en/
Media For Precision Medicine Group: Louis Landon
310-984-7707 louis.landon@precisionformedicine.com
For Blackstone: Matt Anderson +1-212-390-2472
matthew.anderson@blackstone.com
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