McKesson Corporation (NYSE: MCK) has signed a definitive agreement to acquire Precision Medicine Group, LLC, a global provider of clinical research and biopharma commercialization services, for approximately $2.25 billion.

Following completion of the transaction, Precision Medicine Group will report within McKesson's Oncology & Multispecialty segment. The deal remains subject to customary closing conditions, including regulatory clearances.

Precision Medicine Group provides services to biotechnology and pharmaceutical companies, including biomarker intelligence, lab services, clinical research organization capabilities, market access consulting, and commercialization support.

Brian Tyler, chair and chief executive officer of McKesson, said the acquisition "represents another meaningful step in advancing our oncology and multispecialty strategy" and that Precision Medicine Group "brings complementary capabilities that will enhance our clinical research and commercialization services, strengthen clinical trial execution, and broaden our clinical service offerings."

Margaret Keegan, chief executive officer of Precision Medicine Group, said the combination would "bring a broader set of capabilities to biopharma companies, supporting them through the development and commercialization process."