Bain Capital is in advanced negotiations to acquire a majority stake in PCI Pharma Services in a potential $10bn deal. 

The acquisition would represent one of the largest private equity transactions of 2025 and mark a major expansion for Bain in the healthcare sector.

The proposed deal values Philadelphia-headquartered PCI Pharma—including debt—at over $10bn. Current backers Kohlberg & Co, Mubadala Investment Co, and Partners Group are involved in the talks, which remain subject to market conditions and have not yet been finalised.

Bain is expected to bring in sovereign wealth funds and other major institutional investors to co-invest in the deal. The firm has an established track record in healthcare and previously partnered with Mubadala on a minority investment in Zelis Healthcare Corp in 2023.

PCI provides mission-critical pharmaceutical packaging services, including sterile fill-finish and pre-filled syringe assembly for high-demand drugs such as GLP-1-based obesity treatments like Wegovy. Its role in this rapidly growing sector has made it an attractive acquisition target for both strategic and financial buyers.

Kohlberg acquired a majority stake in PCI in 2020 from Partners Group, with Mubadala joining as a minority investor. Since then, the company has expanded significantly across its global operations and customer base.

The potential buyout is being supported by a private credit financing package led by Blue Owl Capital, which includes a $3bn unitranche facility and an additional delayed-draw term loan of over $1bn.