Bain Capital is in exclusive discussions to acquire a majority stake in PCI Pharma Services, in what would be one of the largest private equity buyouts of the year, according to a report by Bloomberg citing unnamed people familiar with the matter.
The proposed deal would value the Philadelphia-based pharmaceutical services provider at over $10bn, including debt. Current backers Kohlberg & Co, Mubadala Investment Co, and Partners Group are engaged in negotiations, though a final agreement has yet to be reached and could still be derailed by broader market volatility, the sources said.
Should the transaction proceed, it would mark a significant move in the healthcare space for Bain Capital, which is reportedly lining up sovereign wealth funds and other large co-investors to support the equity financing. The firm is already active in the sector, having partnered with Mubadala on previous healthcare investments, including a minority stake in Zelis Healthcare Corp in late 2023.
PCI Pharma plays a critical role in the drug manufacturing and delivery supply chain, providing sterile packaging and assembly of pre-filled syringes, including for high-demand obesity and weight-loss medications like Wegovy. The company’s growth has been fuelled by the booming market for GLP-1 treatments, making it an increasingly attractive asset for strategic and financial buyers alike.
Kohlberg acquired a majority interest in PCI in 2020 from Partners Group, with Mubadala also taking a minority stake. While financial terms were not disclosed at the time, PCI has since significantly scaled its capabilities and customer base.
The potential deal also coincides with a broader effort to restructure PCI’s capital stack. Blue Owl Capital is leading a private credit financing package, including a $3bn unitranche loan and a delayed-draw term facility exceeding $1bn, according to earlier reports.
