With transatlantic expansions nearing completion and a new acquisition in the books, PCI Pharma Services has secured a confidence vote—and capital to go with it—from a slate of private equity heavy hitters.
The Philadelphia-based CDMO has received a new strategic investment co-led by Bain Capital and the company’s resident lead investor Kohlberg, PCI said in a July 14 press release.
Mubadala Investment Company also chipped in a “significant reinvestment,” while Partners Group will “continue to support the company with a minority investment," according to the release.
PCI did not disclose the financial terms of the private transaction, though a media relations representative for the company described the investment round as “both sizable and significant.”
The deal values PCI at $10 billion, The Wall Street Journal reported Monday, citing people close to the matter.
While Bain is new to the mix, Kohlberg and Mubadala first invested in PCI back in 2020.
Together, the three private equity firms are now partnering with PCI’s management to accelerate growth, build on the company’s customer service acumen and help more PCI clients get innovative biologics to market, according to the CDMO’s release.
PCI says it will use the extra cash to pursue both internal and external projects, including growing its CDMO services suite and its geographic footprint. Looking ahead, the company aims to expand its existing injectable fill-finish capabilities, as well as those for high-potency and specialized manufacturing.
In September, the CDMO unveiled a $365 million investment to bulk up in assembly and packaging of drug-device products, both at home and abroad.
Aside from upgrades to existing sites in Pennsylvania and Illinois, the 2024 outlay also went toward the purchase of a packaging and assembly plant near Dublin and an expansion at the company’s existing CityNorth Dublin Campus in Ireland.
At the time, PCI said it expected the expansions at its site in Rockford, Illinois, and the CityNorth campus in Ireland to be up and running by 2025’s third quarter.
More recently, PCI acquired a 100% stake in Ajinomoto’s fill-finish contracting arm Ajinomoto Althea. The deal, for which financial terms weren’t disclosed, netted PCI its first production site in North America for prefilled syringes and cartridges, the CDMO said in late April.
Outside the U.S., PCI boasts manufacturing operations in Australia, Canada, the U.K. and Europe.