A Fort Worth-based private investment firm is making a $75 million investment in an innovative health care company that supports pharmaceutical and life sciences companies as they develop new products for precision medicine.
TPG Growth, the middle market and growth equity investment platform of TPG, today announced a $75 million investment in Precision for Medicine Inc., Bethesda, Maryland. No other details on the transaction were released.
Precision for Medicine is a specialty services company that supports pharmaceutical and life sciences companies through development and commercialization.
“TPG Growth leverages unparalleled healthcare expertise from across the TPG platform to identify companies that have exceptional opportunities for growth,” said Matthew Hobart, Partner at TPG Growth. “Precision for Medicine operates at the intersection of two of the fastest-growing areas in health care — precision medicine and value-based care. With a strong founding team and rapid organic and inorganic growth, the company is well-positioned to capitalize on the advances inherent in leveraging clinical, genomic and molecular data to optimize medical treatment.”
Precision for Medicine was founded in 2012 by health care executives Ethan Leder and Mark Clein. In 2015, it had 450 employees. The company received $150 million in financing in 2013 from investment firms Oak Investment Partners, J.H. Whitney and Company, and LCI Capital.
Earlier in December, TPG Growth acquired a 28 percent stake in Asiri Hospital Holdings from Actis, a leading emerging markets private equity investor. Asiri is the largest multi-speciality private healthcare business in Sri Lanka, which is controlled by the Softlogic group led by Ashok Pathirage.
TPG Growth manages more than $7 billion and TPG has $70.2 billion of capital under management in total.