How do other banks ER teams survive?

I’ve been making a spreadsheet of all the banks on biotech IPOs, PIPEs, and follow-on deals, and it’s legit the same banks that take like 95% of the deals. So my question is: how the heck are these other banks biotech Analysts still around given they’re not bringing in fees? Biotech analysts aren’t exactly cheap so how are they around if their research doesn’t translate into deal fees through equity offerings, etc? 
 

Biotech banking syndicates usually involve the usual: Jefferies, Leerink, JPM, Piper, LifeSci, and Guggenheim. I see these banks consistently on deals, of course others exist but seem to be much less so. With the sheer volume of biotech equity deals just in the first 3 months of the year, are these guys absolutely crushing it? Is biotech a different world than other sectors? And seriously, should I go get a biotech masters and lateral to a biotech team from TMT??

2 Comments
 

who is LifeSci Capital and how are they on all these deals? Didn’t know about em and just looked it up. Good bank to join if they’re up and coming in biotech?
 

Also, Leerink is murdering this year for biotech holy hell. 

 

Itaque facere quo magni voluptatum quo qui. Quae beatae sed dolorem omnis nesciunt maxime. Non et corporis numquam sequi doloremque ut voluptas.

Career Advancement Opportunities

November 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 99.0%
  • JPMorgan 01 98.4%
  • Guggenheim Partners 02 97.9%
  • Morgan Stanley 06 97.4%

Overall Employee Satisfaction

November 2026 Investment Banking

  • Moelis & Company No 99.5%
  • Morgan Stanley 02 99.0%
  • Evercore 01 98.4%
  • Banco Santander 02 97.9%
  • BMO Capital Markets 13 97.4%

Professional Growth Opportunities

November 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 99.0%
  • Morgan Stanley 05 98.4%
  • Goldman Sachs 01 97.9%
  • JPMorgan No 97.4%

Total Avg Compensation

November 2026 Investment Banking

  • Vice President (16) $429
  • Associates (57) $264
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (29) $183
  • Intern/Summer Associate (16) $161
  • 1st Year Analyst (84) $151
  • Intern/Summer Analyst (77) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
BankonBanking's picture
BankonBanking
99.0
3
Secyh62's picture
Secyh62
99.0
4
kanon's picture
kanon
99.0
5
GameTheory's picture
GameTheory
98.9
6
DrApeman's picture
DrApeman
98.9
7
CompBanker's picture
CompBanker
98.9
8
dosk17's picture
dosk17
98.9
9
Betsy Massar's picture
Betsy Massar
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”