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Bain Capital is co-leading an investment in PCI Pharma Services, valuing the business at $10 billion, Axios has confirmed. 

Why it matters: The deal, announced Monday, ranks among the largest PE buyouts of the year. 

Zoom in: Bain is investing in the drug services provider alongside existing backer Kohlberg. 

Backers Mubadala and Partners Group are also reinvesting in PCI. Financial details were not disclosed.

Direct lenders will be financing the transaction, a source familiar tells Axios Pro. 

Inside the room: PCI looked at publicly traded CDMOs including Lonza Group, which has a $49 billion market cap, and West Pharmaceutical Services, which has a $16 billion market cap, the source says.

Catch up quick: Kohlberg bought a majority stake in PCI from Partners Group in 2020 for an undisclosed price, and Mubadala became a minority investor in that deal, per Bloomberg.

In April, PCI acquired Ajinomoto Althea, a U.S.-based CDMO and subsidiary of Japan-based Ajinomoto.

The big picture: Other large PE buyouts this year include Sycamore Partners' $10 billion takeover of Walgreens Boots Alliance and Thoma Bravo's $10.55 billion deal for most of Boeing's digital aviation solutions business.

Friction point: The company operates in a space that's vulnerable to tariffs, given the U.S. imported over $75 billion in medical devices and supplies in 2024.

Bain and Mubadala declined to comment. Kohlberg and Partners did not respond to a request for comment. 

Editor's note: This story has been updated with additional details around financing and comparables. 

Bain co-leads PCI Pharma deal at $10B valuation

Bain co-led the investment that ranks among the largest PE takeovers in 2025.

Bain Capital is co-leading an <a class="gtmContentClick" data-vars-link-text="investment" data-vars-click-url="https://www.businesswire.com/news/home/20250714606219/en/PCI-Pharma-Services-Enters-Next-Phase-of-Growth-With-Strategic-Investment-from-Bain-Capital-Kohlberg-and-Mubadala" data-vars-content-id="44c5337f-7d26-43fc-a265-e740bf048b13" data-vars-headline="Bain co-leads PCI Pharma deal at $10B valuation" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.businesswire.com/news/home/20250714606219/en/PCI-Pharma-Services-Enters-Next-Phase-of-Growth-With-Strategic-Investment-from-Bain-Capital-Kohlberg-and-Mubadala" target="_blank">investment</a> in PCI Pharma Services, valuing the business at $10 billion, Axios has confirmed. Why it matters: The deal, announced Monday, ranks among the largest <a class="gtmContentClick" data-vars-link-text="PE buyouts" data-vars-click-url="https://www.axios.com/2025/04/25/private-equitys-next-thing-to-worry-about" data-vars-content-id="44c5337f-7d26-43fc-a265-e740bf048b13" data-vars-headline="Bain co-leads PCI Pharma deal at $10B valuation" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/04/25/private-equitys-next-thing-to-worry-about" target="_self">PE buyouts</a> of the year.

Bain co-leads PCI Pharma deal at $10B valuation

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