McKesson Corporation is expanding its drug development and commercialization capacity to the tune of $2.25 billion. The healthcare wholesaler, which ranks eighth on the Fortune 500 list, is set to fold privately held Precision Medicine Group into its oncology branch.
The buyout comes after McKesson’s restructure last fall, when the Texas-based firm announced a new focus on high-margin segments like biopharma and cancer.
Maryland-based Precision Medicine Group will “enhance our clinical research and commercialization services, strengthen clinical trial execution, and broaden out clinical services,” McKesson CEO Brian Tyler said in a release.
Founded in 2012, Precision Medicine Group offers clinical testing, complex trial design, biomarker identification, and commercialization support. The company runs five labs in the US and Europe, and their clinical trial work is heavily concentrated in oncology. According to their website, Precision helped launch 56% of the drugs approved by the FDA in 2024.
McKesson said Precision Medicine Group would join its oncology and multispecialty segment once the deal clears regulatory scrutiny. The company did not give a timeline for the buyout.
As part of the restructuring unveiled last September, McKesson created several new business segments, including the oncology and multispecialty arm, as well as a distinct North American pharmaceutical unit combining the firm's wholesale drug distribution businesses in the U.S. and Canada.
For its part, the oncology and multispecialty wing has been equipped to handle specialty provider services like distribution and group purchasing, as well as practice management.