Renaissance RX, a New Orleans-based company that helps precisely tailor medications to patients, has sold a minority share of itself to TPG Growth, part of global investment firm TPG.
Details of the deal were not disclosed, although Renaissance said TPG Growth made “a significant investment.” TPG Growth invests in small companies and has $3.9 billion under management. TPG has $66 billion under management.
Renaissance specializes in pharmacogenetic testing, which identifies how a patient will respond to medications based on the person’s genetic makeup. The testing allows physicians to prescribe the most effective medication for each person.
“This investment will not only support us in reaching more patients with improved health care testing, but will also strengthen our ability to develop new advances in individualized medicine,” said Dr. Tarun Jolly, Renaissance RX founder and chief executive officer.
Renaissance RX was founded in 2012 with five workers in the BioInnovation Center on Canal Street. The company provides testing in 43 states, processing thousands of tests each day.
The company recently announced an $8 million expansion. The company will move into a new facility in the Central Business District. The expansion will add 425 workers to the 80 the company has in New Orleans. Louisiana is aiding the expansion through a $925,000 grant.
Renaissance also has more than 700 contract workers nationwide.