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McKesson Corporation signed a definitive agreement to purchase Precision Medicine Group, the healthcare services company said in a statement released on its corporate newsroom. The deal valued at about $2.25 billion will add the target company’s expertise in clinical research and biopharma commercialization once it clears regulatory approvals and other customary conditions, although McKesson did not provide a timeline for completion. Precision Medicine Group will become part of McKesson’s Oncology and Multispecialty segment, according to the announcement, as the buyer seeks to broaden its offerings to biotechnology and pharmaceutical clients.
The move builds on McKesson’s restructuring last year that shifted focus toward higher-margin oncology and biopharma services amid growing demand for specialized support in drug development. Morgan Stanley analysts viewed the acquisition as a logical extension of the platform that taps into an addressable market for oncology clinical trials and commercial services estimated at roughly $25 billion. Precision Medicine Group, which was founded in 2012 in Maryland, maintains five laboratories in the United States and Europe with a particular emphasis on complex trial design, biomarker identification and commercialization consulting.
FiercePharma reported that Precision Medicine Group contributed to 56 percent of the new drugs approved by the Food and Drug Administration in 2024 through its work on clinical testing and related services. The company supports life sciences innovators with integrated offerings that include biomarker intelligence, a global clinical research organization and market access advisory, McKesson said in its release. Such capabilities are expected to strengthen trial execution and expand clinical service lines across McKesson’s operations.
McKesson Chair and Chief Executive Officer Brian Tyler said in the announcement, “This acquisition represents another meaningful step in advancing our oncology and multispecialty strategy and reflects our continued commitment to providing patients with access to the highest quality of care.” He added that Precision Medicine Group brings complementary capabilities that will enhance clinical research and commercialization services, strengthen clinical trial execution and broaden clinical service offerings. Precision Medicine Group Chief Executive Officer Margaret Keegan stated, “Together, we will bring a broader set of capabilities to biopharma companies, supporting them through the development and commercialization process.”
Baker McKenzie acted as international counsel to McKesson on the transaction, the law firm reported in its newsroom announcement the following day. The core Baker McKenzie team was led by M&A Partner Darcy Down and included specialists from corporate, intellectual property, regulatory, employment and compensation practices. The firm noted that additional lawyers from its global network supported the wider transactional effort as part of its substantial healthcare and life sciences advisory business.
McKesson has pursued several initiatives in recent years to deepen its role in precision medicine and oncology support beyond traditional pharmaceutical distribution. CB Insights data shows Precision Medicine Group had raised approximately $585 million across prior funding rounds from investors that included TPG Growth and Berkshire Partners before the current sale. The acquisition remains subject to regulatory clearances, with both parties expressing confidence that the combination will accelerate therapies from molecule to market for a wider set of customers.
