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Peer Fund / Dealmaker·Pharma Services

Christina Dix

Partner, European Private Equity Healthcare at Bain Capital

London, United Kingdom

CD
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Why they matter

Co-heads Bain Capital's European healthcare practice and is actively deploying capital into pharma services and CDMO assets like PCI Pharma and FIS.

Background

Christina Dix is a Partner at Bain Capital Private Equity and Co-Head of European Healthcare, which she leads alongside Ben Kunstler. She joined Bain Capital in June 2022 after nearly 20 years at Bank of America (formerly Merrill Lynch), where she rose to become Head of Healthcare Investment Banking for Europe, the Middle East and Africa, advising mid- to large-cap pharmaceutical, medtech, and healthcare services companies. She began her career as an equity research analyst at J.P. Morgan and holds an M.Eng and BA (Hons) in materials & metallurgical engineering, economics and management from Oxford University.

Notable deals

  • 2025
    Co-led Bain Capital's strategic growth investment in PCI Pharma Services, a biopharma CDMO, alongside Kohlberg and Mubadala
  • 2023
    Co-led Bain Capital Private Equity's acquisition of FIS (Fabbrica Italiana Sintetici), an Italian small-molecule API/CDMO manufacturer, from the Ferrari family

Call-prep brief

Background

  • 20 years in healthcare investment banking at Bank of America/Merrill Lynch, rising to Head of Healthcare IB for EMEA
  • Started career as an equity research analyst at J.P. Morgan
  • Oxford-trained engineer (M.Eng, materials & metallurgical engineering); joined Bain Capital in 2022 as Partner, Co-Head of European Healthcare

Current Focus

  • Leads Bain Capital's European healthcare vertical, spanning pharma services, CDMO/API manufacturing, medtech and healthcare services
  • Sits on the supervisory board of Centrient Pharmaceuticals, a Bain Capital portfolio company
  • Publicly bullish on the 2026 European IPO/exit window for quality healthcare assets

Recent Moves

  • Co-led Bain Capital's 2025 strategic investment in PCI Pharma Services (with Kohlberg and Mubadala)
  • Co-led the 2023 acquisition of FIS (Fabbrica Italiana Sintetici), an Italian API/CDMO business

Sensitivities

  • Banker-turned-investor; likely still thinks in banking process/timing terms
  • May be guarded discussing overlapping CDMO targets or exit timing for existing portfolio companies given competitive dynamics

Questions to Ask

  1. How does she see consolidation playing out among mid-cap European CDMOs over the next 12-18 months?
  2. What underwriting lessons from FIS and PCI Pharma is she applying to new pharma services diligence?
  3. Given her public optimism on the 2026 IPO market, what specific catalysts would prompt her to bring a healthcare services asset to market?

Outreach draft

Subject
European Healthcare & CDMO Market Perspective
Hi Christina, I'm [Placeholder Name], working with a deal team evaluating opportunities in pharma services and CDMO. Your work co-leading Bain Capital's European healthcare investments — including the recent PCI Pharma Services and FIS transactions — stood out as directly relevant to what we're diligencing. We'd value 30 minutes to hear your perspective on where consolidation and quality are headed in the CDMO/API manufacturing space, and how you're thinking about exit timing given your recent comments on the 2026 IPO market. Would you be open to a call in the next couple of weeks? Best, [Placeholder Name]

Linked companies

Sources