Precision Medicine Group secures major investment from Blackstone

Bethesda-based Precision Medicine Group (PMG) and Blackstone (NYSE: BX) Friday announced that PMG, a provider of drug development and commercialization services, has completed a major investment and recapitalization led by funds managed by Blackstone.

Terms of the transaction were not disclosed.

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.

PMG is a provider of 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.

Goldman Sachs & Co. LLC acted as lead financial adviser to PMG. Jefferies LLC and Perella Weinberg Partners also acted as financial advisers to PMG and Debevoise & Plimpton LLP acted as legal adviser to PMG. Morgan Stanley & Co. LLC, BofA Securities, and Barclays acted as financial advisers and Sullivan & Cromwell LLP acted as legal adviser to Blackstone.