Aug 25 (Reuters) – U.S. drug distributor McKesson said on Tuesday it would buy privately held Precision Medicine Group in a deal valued at about $2.25 billion, as part of a years-long effort to strengthen its higher-growth businesses.
McKesson has been reshaping its portfolio by exiting non-core assets and streamlining its operations while investing in businesses such as oncology and specialty care to drive long-term growth.
“Precision Medicine Group brings complementary capabilities that will enhance our clinical research and commercialization services, strengthen clinical trial execution, and broaden our clinical service offerings,” McKesson CEO Brian Tyler said in a statement.
Bethesda, Maryland-based Precision provides clinical research, laboratory testing and commercialization services that help biotechnology and pharmaceutical companies develop and launch new medicines.
McKesson said Precision will become part of its oncology & multispecialty unit after the deal closes but did not provide an expected timeline for the completion.
Revenue in the division jumped 33% to $14.2 billion in the first quarter of fiscal 2026, fueled by growth in services to healthcare providers and specialty distribution, including contributions from its acquisitions of controlling stakes in Core Ventures and PRISM Vision Holdings.
The company, which last year restructured its operations into four reporting segments, said in April it would sell a minority stake in its medical-surgical solutions business to investment firm Apollo Funds for $1.25 billion, as it pursues an initial public offering for the unit.
(Reporting by Sahil Pandey and Siddhi Mahatole in Bengaluru; Editing by Jonathan Ananda and Sriraj Kalluvila)
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