McKesson Signs Agreement to Acquire Precision Medicine Group, LLC

Acquisition will enhance McKesson's clinical research and commercialization services

IRVING, Texas--(BUSINESS WIRE)--McKesson Corporation (NYSE: MCK) announced today that it signed a definitive agreement to acquire Precision Medicine Group, LLC (“Precision Medicine Group”), a global provider of clinical research and biopharma commercialization services.

McKesson will acquire Precision Medicine Group for approximately $2.25 billion. Following completion of the transaction, Precision Medicine Group will report within McKesson’s Oncology & Multispecialty segment. The transaction is subject to customary closing conditions, including regulatory clearances.

“This acquisition represents another meaningful step in advancing our oncology and multispecialty strategy and reflects our continued commitment to providing patients with access to the highest quality of care,” said Brian Tyler, chair and chief executive officer of McKesson. “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.”

Precision Medicine Group supports next-generation approaches to drug development and commercialization. Life sciences innovators in biotechnology and pharmaceutical companies rely on Precision Medicine Group to move their discoveries from molecule to market with a breadth of integrated services and technology-enabled products, including biomarker intelligence, lab services, a global clinical research organization, market access consulting and commercialization support.

“Joining McKesson provides a compelling opportunity to extend the impact of our clinical and commercial expertise for the benefit of our customers, partners and patients they serve,” said Margaret Keegan, chief executive officer of Precision Medicine Group. “Together, we will bring a broader set of capabilities to biopharma companies, supporting them through the development and commercialization process. We are excited to join McKesson and advance our shared commitment to enabling innovation and improving patient access.”

Cautionary Statements

Except for historical information, statements in this press release regarding McKesson’s proposed acquisition and related arrangements constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that involve risks and uncertainties that could cause actual results to differ materially from those in those statements. It is not possible to identify all such risks and uncertainties. The reader should not place undue reliance on forward-looking statements, which speak only as of the date they are first made. Except to the extent required by law, the company undertakes no obligation to publicly update forward-looking statements. We encourage investors to read the important risk factors described in the company’s most recent Form 10-K filed with the Securities and Exchange Commission. These risk factors include, but are not limited to: we may be unable to obtain necessary regulatory approvals; we may not achieve expected outcomes from the transaction; we might be adversely impacted by delays or other difficulties, including related to the transactions described in this press release; we from time to time record significant charges from impairment to goodwill, intangibles and other assets or investments; we might be adversely impacted by events outside of our control, such as widespread public health issues, natural disasters, political events, economic events and other catastrophic events.

About McKesson

McKesson Corporation is a diversified healthcare services leader dedicated to advancing health outcomes for patients everywhere. Our teams partner with biopharma companies, care providers, pharmacies, manufacturers, governments, and others to deliver insights, products and services to help make quality care more accessible and affordable. Learn more about how McKesson is impacting virtually every aspect of healthcare at McKesson.com and read Stories & Insights.