Precision Medicine Group LLC, a portfolio company of Blackstone Inc. (BX), tapped Elizabeth A. Cooper, Michael Chao and Erica Egenes of Simpson Thacher & Bartlett LLP for counsel on an agreement to sell to McKesson Corp. (MCK) for about $2.25 billion in a deal announced on Tuesday, Aug. 25. The companies didn’t disclose an expected closing date for the deal.

Michael Muntner and Mark Lewallyn of Centerview Partners LLC worked with Precision. The Deal reported in January that Blackstone had tapped Centerview to run an auction for the Bethesda, Md.-based specialized life sciences services platform, where Stacey J. Hanna is general counsel and chief compliance officer.

E. Raman Bet-Mansour, J. Michael Snypes Jr., David P. Iozzi and associate Jessica Siegel of Debevoise & Plimpton LLP advised the Precision Medicine management team. Bet-Mansour has advised the company since its formation in 2012.

He counseled the company in a November 2020 deal where Blackstone, a New York-based private equity sponsor, took a majority stake in Precision Medicine at a $2.3 billion valuation. The buyout included participation from PMG co-founders Ethan Leder and Mark Clein and existing investors Berkshire Partners LLC, TPG Growth LLC, Oak HC/FT Partners LLC and Vida Ventures LLC.

PMG bolted on Project Farma LLC in January 2021, Solve Inc. in January 2023, Baseline Controls Inc. in June 2023 and Algorics Inc. in May 2024. PMG sold Project Farma to PerkinElmer Inc., a New Mountain Capital LLC portfolio company, last year.

PMG was founded in 2012, and a group including Oak Investment Partners LP and J.H. Whitney & Co. LLC invested $150 million in the company the next year. TPG Growth in 2015 invested $75 million in PMG. In 2017, Berkshire and TPG Growth led a $275 million investment in the company.

Alan F. Denenberg, Michael A. Diz and Jason Bassetti of Davis Polk & Wardwell LLP advised McKesson. Citigroup Inc. gave financial advice to the buyer, where associate general counsel, corporate, governance and transactions Kirsten J. Jensen and lead counsel – M&A Ryan Washburn were on the deal.

The deal continues an active stretch for the Irving, Texas-based pharmaceutical distribution company, which agreed to sell a stake of about 13% in its medical-surgical solutions business to Apollo Global Management Inc. (APO) for $1.25 billion in April. McKesson bought an 80% controlling interest in Prism Vision Holdings LLC from Quad-C Management Inc. for about $850 million in a deal announced in February 2025 and closed that April.

McKesson also bought a 70% stake in Community Oncology Revitalization Enterprise Ventures LLC for around $2.49 billion in cash, a deal announced in August 2024 and closed in June 2025.

Denenberg, Diz and Bassetti counseled McKesson on the deal with Apollo. Denenberg and Bassetti also worked with McKesson on the Prism Vision and Community Oncology deals.