Blackstone Capital Partners VIII L.P., the flagship fund of The Blackstone Group, Inc., announced that Precision Medicine Group completed a major investment and recapitalization led by funds managed by Blackstone. The investment also includes significant participation from Precision’s co-founders, as well as current shareholders Berkshire Partners, TPG Growth, Oak HC/FT and Vida Ventures. The deal was announced November 18.
Precision provides services to help biopharmaceutical companies conduct clinical trials and bring novel therapies to market by integrating therapeutic knowledge, data and analytics and human expertise. Blackstone’s investment in Precision will fuel the expansion of the company’s global footprint and technical capabilities to help accelerate the development, approval and commercial reach of breakthrough treatments.
The S&C team advising The Blackstone Group was led by Krishna Veeraraghavan and Scott Crofton. Matthew Friestedt and Jeannette Bander advised on executive compensation matters. Mehdi Ansari advised on intellectual property matters, and Nicky Friedlander and Tony Lewis advised on cybersecurity matters. Isaac Wheeler advised on tax matters, and Juan Rodriguez (London) advised on non-U.S. competition and foreign investment matters. Renata Hesse (Washington D.C.) and special counsel Eric Queen advised on U.S. competition matters, and special counsel Matt Brennan advised on environmental matters.