Bain Capital and Kohlberg are leading a new multibillion-dollar investment in PCI Pharma Services, valuing the Philadelphia-based biopharma outsourcing company at $10bn, including debt, according to a report by the Wall Street Journal.

This marks Bain’s first investment in the company. Kohlberg, which acquired a majority stake in PCI in 2020 alongside Abu Dhabi’s Mubadala, will reinvest in the business. Partners Group, which first took a stake in 2016, is also participating in the new round.

Headquartered in Philadelphia, PCI supports biopharma firms throughout the lifecycle of drug development and commercialisation—from clinical trial support to manufacturing, packaging, and distribution. The company is involved in more than 2,300 drugs currently in development and supports 25% of the top 200 drugs globally.

Under Kohlberg’s ownership, PCI has more than doubled its revenue and quadrupled its customer base. The company has expanded its workforce from around 3,000 to nearly 8,000 employees.

The new investment will be used to grow PCI’s services and expand its international presence, including through acquisitions.

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