McKesson shares rise on Precision Medicine acquisition
Shares of U.S. drug distributor McKesson rise 1.4% to $885.91.
Co to buy privately held Precision Medicine Group in a deal valued at about $2.25 bln.
Co says acquisition expands clinical research, clinical trial and drug commercialization capabilities.
Precision provides clinical research, laboratory testing and commercialization services for biotech and pharma firms developing new medicines.
Leerink Partners analyst Michael Cherny said the acquisition fits McKesson's portfolio and is not a "bet-the-farm" transaction, given its value is equivalent to just over 2% of McKesson's market capitalization.
McKesson's Oncology & Multispecialty revenue rose 33% to $14.2 bln in its latest reported quarter.
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