Press release

Baar-Zug, Switzerland, 1 June 2016

Partners Group to acquire PCI Pharma Services, a leading global provider of outsourced pharmaceutical services

Partners Group, the global private markets investment manager, has agreed to acquire global pharmaceutical services provider PCI Pharma Services ("PCI") on behalf of its clients. The company is being sold by Frazier Healthcare Partners ("Frazier"), which acquired PCI in 2012. Frazier will retain a minority investment in the company. The terms of the transaction have not been disclosed.

PCI, headquartered in Philadelphia, PA, in the US, offers its clients outsourced services across the entire pharmaceutical supply chain, including drug development and manufacturing, clinical trials and packaging services. The company has a diverse customer base of more than 350 companies in the pharmaceutical, biotechnology, animal health, and consumer care spaces, including the world's leading pharmaceutical manufacturers. PCI employs more than 2,800 people across the US and Europe, and generated sales of over USD 475 million in 2015.

Following the acquisition, Partners Group plans to work with PCI's management team, led by CEO Bill Mitchell, to add more specialized offerings to the product range and expand the company both organically and through add-on acquisitions.

Bill Mitchell, CEO of PCI, comments: "We are very pleased to welcome Partners Group as our new business partner, following a successful period of growth under the previous ownership. Partners Group shares our commitment to providing the industry's leading customer experience. I believe our combined business networks and sector experience provide the ideal platform to support PCI's continued growth."

Dr. Remy Hauser, Managing Director, Industry Value Creation, Partners Group, adds: "The healthcare sector continues to see a migration towards outsourced core services such as packaging and manufacturing by major pharmaceutical brands in order to streamline costs. PCI's commitment to quality, service and technical innovation have secured it a loyal customer base and positioned it well to capitalize on this long-term trend."

Nathan Every, M.D., General Partner at Frazier Healthcare Partners, says: "We are excited to continue our partnership with PCI and its industry-leading management team, and welcome Partners Group to lead the next phase of growth for the company."

Joel Schwartz, Managing Director and Head of Private Equity Americas at Partners Group, states: "We look forward to working alongside Bill Mitchell and the rest of PCI's impressive management team in the coming years. Given the supportive market environment and PCI's longstanding role as a trusted partner to leading players across the global healthcare industry, our view is that the company has all the ingredients in place to achieve further solid growth. We are excited to be able to play an important role in PCI's continued success."

White & Case LLP, Ropes & Grey LLP, and KPMG LLP are advising Partners Group and Jefferies has provided a commitment for the debt financing. RBC Capital Markets, LLC served as the exclusive financial advisor to PCI, and Goodwin Procter LLP served as legal counsel. Alvarez & Marsal is advising PCI and Frazier Healthcare Partners.

About Partners Group
Partners Group is a global private markets investment management firm with over EUR 46 billion (USD 50 billion) in investment programs under management in private equity, private real estate, private infrastructure and private debt. The firm manages a broad range of customized portfolios for an international clientele of institutional investors. Partners Group is headquartered in Zug, Switzerland, and has offices in San Francisco, Denver, Houston, New York, São Paulo, London, Guernsey, Paris, Luxembourg, Milan, Munich, Dubai, Mumbai, Singapore, Shanghai, Seoul, Tokyo and Sydney. The firm employs over 800 people and is listed on the SIX Swiss Exchange (symbol: PGHN) with a major ownership by its partners and employees.

About Frazier Healthcare Partners
Founded in 1991, Frazier Healthcare Partners is a leading provider of growth equity and venture capital to high growth and emerging healthcare service and biopharma companies. With more than $2.9 billion under management, Frazier has invested in more than 170 companies ranging from early-stage venture investments to growth buyouts of profitable middle market companies. For 25 years, Frazier has established itself among entrepreneurs and seasoned executives as a preferred partner to help create and grow successful healthcare companies. Frazier Healthcare Partners has offices in Seattle, Wash., and Menlo Park, Calif., and invests broadly across the United States, Canada and Europe.

About PCI Pharma Services
The global healthcare industry trusts PCI for the development solutions that increase their products' speed to market and opportunities for commercial success. Only PCI brings the proven experience that comes with more than 50 successful product launches a year and over four decades in the healthcare business. Leading technology and continued investment enables us to address global needs throughout the product life cycle — from preclinical development, clinical investigational studies, commercialization and ongoing supply. Our clients view us as an extension of their business and a collaborative partner, with the shared goal of improving patients' lives.

Investor relations contact:

Partners Group
Alexander von Wolffradt
Phone: +41 41 784 66 45

Media contacts:

Partners Group
Jenny Blinch
Phone: +41 41 784 65 26

Frazier Healthcare Partners
Theresa Maloney, Cogenta Communications
Phone: +1 415 225 5261

PCI Pharma Services
Justin Schroeder
Phone: +1 815 218 0865