Private equity firm TPG Growth just invested $75 million in Precision for Medicine, a Maryland-based startup that melds value-based care with precision medicine.
We’re waiting to hear back from TPG Growth and Precision for Medicine for comment on how this funding will be deployed.
But as precision medicine gets more broadly adopted in healthcare, it’s becoming increasingly important for biopharma companies to find cost effective approaches to individualizing patient therapies.
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Precision for Medicine works as a support system for life sciences companies to develop and commercialize products used in precision medicine. It says it also helps companies demonstrate the economic value of the precision medicine approaches, and validate their outcomes.
“The life sciences market is experiencing unprecedented change and growth spurred by the innovations of precision medicine,” the startup’s cofounder and executive chairman Ethan Leder said in a statement. “At the same time, our clients’ innovations have to be rationalized in a market facing limited resources and demanding proof of value.”
Precision for Medicine, launched in 2013 by Leder and Mark Clein, has raised some $225 million at this point, Reuters points out – with its first $150 million led by Oak Investment Partners, J.H. Whitney and Company, and LCI Capital.
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Private equity firm TPG has about $70 billion under management.