OR WAIT null SECS
Fast-growing pharma services provider will expand its global presence
Precision for Medicine (Bethesda, MD), which started in 2012 and entered 2015 with over 450 employees, will continue its growth throughg the investment from TPG Growth, a unit of TPG, a leading private-investment firm with over $70 billion in assets. Precision for Medicine is notable for having a focus on commercialization services for pharma companies, with an emphasis on interactions with managed care organizations, among other commercial operations concentrations. And, as its name indicates, it hopes to ride on the current focus on precision medicine, where genomic information is used to tailor therapies to specific populations.
“The life sciences market is experiencing unprecedented change and growth spurred by the innovations of precision medicine,” said Ethan Leder, co-founder and executive chairman of Precision for Medicine. “At the same time, our clients’ innovations have to be rationalized in a market facing limited resources and demanding proof of value. We feel fortunate to be working with a team who understands our vision and has the resources and capabilities to support our growth. We look forward to working closely with TPG to continue our expansion.”
“Precision for Medicine operates at the intersection of two of the fastest-growing areas in healthcare — precision medicine and value-based care,” said Matthew Hobart, Partner at TPG Growth. “With a strong founding team and rapid organic and [non]-organic growth, the Company is well-positioned to capitalize on the advances inherent in leveraging clinical, genomic and molecular data to optimize medical treatment.”
Leder was a founder of United Biosource Corp., which was acquired by Medco Health Solutions in 2010 and is now a part of Express Scripts. Before that, he was a founder of U.S. Bioservices, which has been a unit of AmerisourceBergen Specialty Group since 2002. Mark Chein, co-founder and current CFO of Precision for Medicine, was also co-founder of UBC and U.S. Bioservices.
Recent acquisitions of Precision for Medicine include Redwood Outcomes, a Canadian HEOR (health economics and outcomes research) firm; Precision Health Economics, a Los Angeles HEOR firm; and Hobart Group Holdings, a communications-services firm for managed markets. Along the way, it created two new business units, Precision for Value and Precision Advisors. The former subsumes much of the Hobart acquisition; the latter includes subject matter experts on development of targeted therapies and diagnostics.