TPG invests $75 million into life sciences service firm: sources
The growth equity arm of buyout firm TPG Capital LP has invested $75 million in life sciences services company Precision for Medicine, according to people familiar with the matter, the latest in a string of TPG investments in the healthcare sector.
The sources asked not to be identified ahead of an announcement of the investment later on Tuesday.
Based in Bethesda, Maryland, Precision for Medicine helps pharmaceutical and life sciences companies develop and commercialize new drugs. The company was founded in 2013 by healthcare executives Ethan Leder and Mark Clein with $150 million in financing led by investment firms Oak Investment Partners, J.H. Whitney and Company, and LCI Capital.
TPG has invested steadily in the healthcare sector since the firm was founded in 1992 by David Bonderman and James Coulter. For example, it bought generic drugmaker Par Pharma for $1.9 billion in 2012 before selling it to pharmaceutical firm Endo International Plc for about $8 billion earlier this year.
TPG Growth manages more than $7 billion, while TPG has $70.2 billion of capital under management in total.
The global healthcare sector has seen a blitz of merger and acquisition activity this year that culminated in Pfizer Inc’s $160 billion acquisition of Botox maker Allergan Plc in November, a deal that will create the world’s largest drugmaker.
(Reporting by Koh Gui Qing in New York; Editing by David Gregorio)
Source: Reuters Health