Blackstone agreed to sell Precision Medicine Group (PMG) to McKesson Corporation for approximately $2.25 billion. The deal marks an exit for the private equity firm after acquiring a majority stake in late 2020.
PMG provides clinical research and commercialization services for pharmaceutical and biotech companies. The firm maintains a specialized focus on oncology drug development.
McKesson will integrate PMG into its Oncology & Multispecialty segment. The acquisition aims to strengthen McKesson’s capabilities in drug development and patient access.
The transaction remains subject to regulatory approvals and customary closing conditions.