UPLOAD CV

    You have spent years climbing inside a large life sciences business. You’ve proven you know how to run a division, manage a budget, and deliver. Then the offer arrives: your first private equity-backed CEO role in life sciences. Same industry, similar products, far more freedom. So why do so many talented executives stumble in their first year?

    The Problem

    The instinct is to treat a private equity-backed company like a smaller version of the company you just came from. That instinct is usually totally wrong.

    Large organisations are wonderful training grounds. They are full of talented people, deep resources, and decades of accumulated knowledge. What they are not, as a rule, is fast.

    I recently sat down with Anish Mehta on the Active Ingredients Podcast. An experienced leader who has spent more than a decade leading private equity-owned life sciences businesses, he put it bluntly. “Great large companies are amazing places,” he told me, but “as they get bigger, they become bureaucratic, they become less agile. They lack the speed.”

    A private equity-backed environment removes the cushioning that a big corporate provides. There is no head office to absorb a slow decision, and there is far less tolerance for a plan that takes a year to show results. Most leaders arrive still operating like a divisional head, managing detail, waiting for consensus, and treating their investors like a traditional board. The role demands something different, and the leaders who adjust quickly are the ones who thrive. Anish has made exactly this transition, and his experience points to where the real work lies.

    The Solution

    Step 1: Accept Total Accountability, Then Align Fast on One Credible Plan

    The first shift is psychological. In a large company, accountability is shared across functions and layers. In a portfolio company, it lands on you.

    “All the decisions are made by me, but they are backed by me, and ultimately I am the accountable individual,” Anish said.

    That accountability only works if it is pointed at a clear target. Anish’s advice is to define what value creation means for the business, agree it with the board quickly, and then commit. “Figure that out fast, align with the board, then get the team to fully support it in an achievable, believable, credible plan and then run.”

    The word “credible” matters. A plan the team does not believe will not survive a difficult quarter. Anish is also firm that the goal is not a quick financial trim. “This is not about cost cutting,” he said. “The job is how do we make good companies better sustainably.”

    Step 2: Communicate in Facts and Data, and Never Bring a Problem Without a Plan

    The second shift is about how you talk to your owners. Public company leadership often rewards long-term storytelling. A private equity-backed setting rewards candour and evidence.

    “We share everything, the good, the bad and the ugly,” Anish explained. The difference is what accompanies the difficult news. “We always have a plan. It’s not just, here’s the bad and the ugly, but here’s what we’re going to do about it.”

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    He is equally clear about the shared language between a management team and its investors. “Our language of communication is facts and data,” he said. Trade-offs are laid out plainly, so that every choice is visible: if we make this investment, here is what it returns, and if we do not, here is what we forgo. That habit builds the trust a CEO needs when conditions turn, and in this industry they will. Anish’s own plan did not anticipate recent geopolitical turmoil or the closing of the Strait of Hormuz, because, as he put it, “you can never know the unknowable.” A clear, evidence-led plan is what lets a team absorb those shocks without losing direction.

    Step 3: Stay in Your Lane, and Lead From the Pivot Point

    The third shift is about roles. New CEOs sometimes try to think like their investors, or resent them for not thinking like operators. Anish sees the healthiest relationships built on a clear division of labour.

    “I love that expression, you stay in your lane,” he said. “They’re investors, we’re operators. I could never do your job, and I don’t think you could do my job.” When both sides accept that, the partnership gets stronger because each brings a different view of the same market, pipeline, and competitive picture.

    That does not make the CEO’s job simpler. If anything, it concentrates the difficulty. The chief executive sits at the centre of investors, employees, regulators, customers, and partners, each with different needs. “The leader is the pivot point between all the different stakeholders,” Anish said. Knowing what to communicate, when, and to which group is the part of the role that a divisional seat never fully prepares you for.

    The Evidence

    Anish has applied this approach across more than ten years in private equity-owned companies, and the pattern holds. When a CEO takes full ownership, aligns quickly on a credible plan, and keeps communication honest, good businesses become better ones without losing their footing.

    He is careful about what “better” means. “Better is not just more EBITDA,” he said. “Better really is a better pipeline, a wider geographical footprint, a more effective cost of goods footprint.” That definition matters because it aligns everyone, including the owners. In Anish’s experience, serious investors share the goal: “They want to sell a better company than they bought.”

    The time horizon is part of what makes this work. Rather than optimising for a quick exit, the best owners and management teams think in decades. Anish points to a business that will soon mark 35 years and where the conversation is already about the long future: “We always talk about what’s the 70th year going to look like, not five years from now or seven years from now.” Done well, the company is handed on stronger than it was received, with a healthier pipeline, a wider footprint, and more patient impact behind it. That is what good looks like in a private equity-backed life sciences business.

    Your Next Move

    If you are weighing a move into a private equity-backed life sciences business, or you have just made one, resist the urge to lead the way you always have. Instead, ask yourself:

    1. Can I write down, in one page, what value creation means for this business over the next three years, and would my board sign it today?
    2. When I bring bad news to my owners, do I arrive with a plan and the data behind it, or just the problem?
    3. Am I clear on where the investors’ lane ends and mine begins, and do we both agree on it?
    4. If a shock hit next quarter, would my team still know the direction we committed to?

    Anish Mehta’s full conversation on the Active Ingredients podcast covers additional topics, including how he builds win-win partnerships and deals in generics, why international experience shaped his leadership, and how AI is changing what life sciences leaders need to know. Listen to the full episode.

    Fraser Dove International identifies and places senior leaders across pharmaceutical, biotech, and medtech, including the executives who run private equity-backed life sciences businesses. If you are building that leadership team, lets talk.

    Meet the Author

    Thomas Dove, CEO

    Thomas Dove is CEO and Co-Founder of Fraser Dove International. As host of the Active Ingredients podcast, Thomas interviews senior executives and industry pioneers to uncover the insights that drive successful life science organisations.

    Through his work in executive search and the hosting the Active Ingredients podcast, Thomas has developed deep expertise in identifying the leadership qualities that distinguish exceptional life science executives. He regularly writes about talent acquisition strategies, leadership development, and the evolving challenges facing C-suite professionals in the rapidly changing life sciences.

    Thomas is passionate about helping life science professionals navigate their career journeys and supporting organisations in building leadership teams that can drive innovation and growth. His insights stem from years of working closely with senior leaders across the pharmaceutical, biotechnology, and Medical Device industries.

    Outside the office, he champions family values, positive energy, and his beloved Chelsea FC.


     

    * This article is based on an interview from the Active Ingredients podcast. Hosted by Thomas Dove, the Active Ingredients Podcast dissects the very essence of exceptional leadership in the life sciences. Subscribe to the Active Ingredients podcast on Spotify, Apple Podcasts, Amazon Music and YouTube.

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