Maryland's Precision Medicine Group Lands $275M
Precision Medicine Group announced it had raised $275 million. The round was led by Berkshire Partners and TPG Growth, with participation from its co-founders and management team, as well as original investors Oak Investment Partners and J.H. Whitney.
Maryland-based Precision Medicine Group (PMG) provides services related to diagnostics, drug development and commercialization in precision medicine. It employs more than 1,000 people in 22 sites in the U.S., Canada and Europe.
“This is a significant milestone for the company,” said Mark Clein, PMG’s chief executive officer, in a statement. “It recognizes both the progress achieved to date and the bright potential for our future. We are fortunate and gratified to have the support of our capital partners and colleagues.”
The funds raised will be used to expand the company’s global footprint and scale up the development and approval of its innovative treatments.
On Oct. 4, Precision for Medicine, part of PMG, acquired Berlin-based Epiontis GmbH, a next-generation specialty laboratory that provides immune monitoring services through a patented epigenetic platform. Epiontis has service offerings that include validated epigenetic immune cell assays for clinical trial immune monitoring. It provides services to 17 of the top 20 global biopharmaceutical companies and has been involved in almost 100 clinical trials in autoimmune and immuno-oncology.
“The acquisition of Epiontis allows Precision to significantly expand upon our immune monitoring capabilities, and their technology provides a faster, economically viable, and easier global solution for immune monitoring under a variety of scenarios, said Chad Clark, Precision for Medicine’s president, in a statement at the time. “In addition, having recently opened Precision offices in Paris and Edinburgh, Epiontis’s Berlin operation provides us an additional operational base for Europe as we continue our international expansion.”
Precision’s specialty lab services include advanced flow cytometry for immune monitoring, global biospecimen collection, and bioanalytical services.
Precision Medicine Group was formed in 2012 as a specialized services company. “We could not be more pleased with PMG’s progress since our initial investment in 2015,” said Matt Hobart, partner at TPG Growth, in a statement. “Operating at the intersection of drugs and diagnostics, PMG is in a unique position to drive innovations across the healthcare industry.”
Chris Hadley, Managing Director at Berkshire Partners, agreed, saying in a statement, “Precision has built a unique and compelling set of services that address the most important challenges facing biopharmaceutical and diagnostic companies. We are thrilled to participate in the next leg of growth and expansion focused on accelerating development and demonstrating value for customers.”