Blackstone Nears $2.3 Billion Precision Medicine Buyout

(Bloomberg) -- Blackstone Group Inc., one of the world’s largest investment firms, is nearing a deal to buy Precision Medicine Group for about $2.3 billion, according to people familiar with the matter.

The firm is set to buy a majority stake in the group from existing backers Berkshire Partners and TPG, said the people, who asked not to be identified because they weren’t authorized to speak publicly. No deal has been finalized and Blackstone may choose not to go ahead with the transaction.

Representatives for Blackstone and TPG declined to comment. Representatives for Precision and Berkshire, a Boston-based private equity firm, didn’t respond to requests for comment.

Precision works with pharmaceutical and life sciences companies on clinical trials and to commercialize new products, according to its website.

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