2025 Healthcare IB Tier List

Thriving under Chuck Adams. Multiple lead roles in past year and recent Pfizer deal, Merck-Verona, Catalent, Intracellular - continuing to win big mandates.

Citi HC has become the Dodgers of HC Banking with CA at the helm steering the ship to victory. Chuck has turned around the dealflow significantly. Citi just needs the other weaker groups to get going like Industrials, M&C, Tech, Consumer, etc…

There should be a clear distinction between biotech and broad healthcare, given how different the nature of biotech is. Also there are no regional or smaller boutiques on here. HL healthcare, Baird, WB, HW, Solomon, etc

The_Biotech_Banking_Expert:

Sorry to rain on your parade, KolorTurtle, but there seem to be some notable names missing on this list, and there also doesn’t seem to be any clear methodology behind these rankings.

For example, where on the list are Jefferies and Leerink Partners? They are left lead on basically every single biotech financing and are both pretty active in the M&A space. I’d put Jefferies above JPM given how much Phil Ross moving over to Jefferies impacted JPM’s deal-making. Additionally, PJT isn’t as relevant in the space as they once were ever since their former group head, Tom Davidson, moved to Leerink at the end of 2024. A lot of other banks are missing too, like TD Securities and Cantor.

Lists like these are serious stuff. College sophomores who don’t really know much about the business see posts like this and it influences their perceptions of which offers they should accept to start their careers. While some of the rankings, such as CVP at the very top are indisputable, it’s not clear what methodology is driving the rest of the ordering, i.e. how much weight you’re putting on M&A league tables vs equity league tables vs reputation/other factors. At least have some humility that lists like these are subjective, rather than saying “I am not wrong.”

Given how important these lists can be to college freshman/sophomores in their career decision making thinking process, such as myself nearly a decade ago, and since I have some free time tonight and this weekend, I’m going to put together a more objective HC/biotech rankings list with a clear methodology. At the end of the day, most of these groups are great — and while I’m not a big fan of “rankings,” I know rankings are basically the only thing students care about, so if we’re going to make rankings, let’s at least make them comprehensive and transparent.

I agree on Jefferies and Leerink — added.This is a high-level list that weighs multiple factors, including deal flow, platform stability, reputation, and exits. It’s not exhaustive, and the absence of a bank shouldn’t be read as a value judgment or a bottom-tier designation.

There’s also a deliberate bias toward mid- to large-cap platforms. And while opinions will vary, it’s hard to argue that PJT “isn’t relevant anymore” when you look at the broader firm. A single strong year at TD doesn’t suddenly make it a better place to start your career than at PJT.

The_Biotech_Banking_Expert

Sorry to rain on your parade, KolorTurtle, but there seem to be some notable names missing on this list, and there also doesn’t seem to be any clear methodology behind these rankings.

For example, where on the list are Jefferies and Leerink Partners? They are left lead on basically every single biotech financing and are both pretty active in the M&A space. I’d put Jefferies above JPM given how much Phil Ross moving over to Jefferies impacted JPM’s deal-making. Additionally, PJT isn’t as relevant in the space as they once were ever since their former group head, Tom Davidson, moved to Leerink at the end of 2024. A lot of other banks are missing too, like TD Securities and Cantor.

Lists like these are serious stuff. College sophomores who don’t really know much about the business see posts like this and it influences their perceptions of which offers they should accept to start their careers. While some of the rankings, such as CVP at the very top are indisputable, it’s not clear what methodology is driving the rest of the ordering, i.e. how much weight you’re putting on M&A league tables vs equity league tables vs reputation/other factors. At least have some humility that lists like these are subjective, rather than saying “I am not wrong.”

Given how important these lists can be to college freshman/sophomores in their career decision making thinking process, such as myself nearly a decade ago, and since I have some free time tonight and this weekend, I’m going to put together a more objective HC/biotech rankings list with a clear methodology. At the end of the day, most of these groups are great — and while I’m not a big fan of “rankings,” I know rankings are basically the only thing students care about, so if we’re going to make rankings, let’s at least make them comprehensive and transparent.

Spot on. My understanding is that the first full year Phil was at Jefferies, they brought in ~$200M in fees. 

Del

In Biopharma, capital raising is a large part of the biotech life cycle because of no revenue, so being the top dog for ECM & IPOs is a big deal. but to address your part, their M&A side has been growing a decent amount and has solid future momentum (GSK IDRx, Novartis Tourmalinebio, bluebird, scPharma, and that's with 1 yr with Davidson. ik this sounds like leerink glaze but they got a solid setup for B tier)

Is that a joke?