There was a thread posted on this a couple of years ago, but I wanted to see if there were any new insights about the top players in the HC biotech space. Doesn't really seem like BBs really specialize in this area, and the sector seems dominated by the boutiques/MM firms.
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To add to this, most M&A is run out of the Charlotte office.
They are actively trying to grow their M&A team too. They do some but currently focus is on ECM. Head of biopharma sits in Boston and I think they want to add people there, if this is relevant. Might be a bit dated.
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To add to this, if you are in the SF office, a lot of deals are equity financing.
Can confirm that they are killing it this year (essentially a given considering the capital markets for biotech rn) and they rank as a top tier bank in the league tables. Jim Boylan has done a great job growing the business and they are definitely looking to source more M&A and grow that portion of their business.
To shed some light on west coast MM, Cowen crushes it in Biotech ECM. Piper SF HC focuses on Specialty Pharma m&a and biotech ECM. Leerink SF focused on ECM biotech. All lean teams from what I hear.
Piper has biotech in Minneapolis as well.
I received offers from some of these. Would you be able to rank please?
no
For BBs JP and MS aren't horrible. In the EBs look into PJT and CVP. Other large MMs that do well are Rothschild in Europe (not sure about the US)
For BBs, I would say that JPM and MS are far from being horrible. In fact, I would say those two have the best HC practices among the BBs.
For EBs, Evercore and Guggenheim have been doing well in biotech, at least in ECM. I cannot speak to M&A.
Would echo that Centerview seems to do quite well in biotech space. Been on a few very interesting gene therapy deals in the past year. Anyone who has a moment should read Spark merger proxy.
The ones I know of that do fairly well are JPM, BAML, Leerink, Cowen, Jefferies, and of course Centerview. I think some other MMs like Piper, Baird, and BMO operate in the space too. Boutiques like MTS, Torreya, and Cain do a decent job as well.
where would you rank? how does the fact they do a lot of ECM impact the experience if you receive offers from multiple?
They do a great job in ECM and are generally seen as one of the premier go-to ECM groups for biotech and are a favorite of VCs like Flagship, Third Rock, ARCH, etc. I think you will get more interesting exposure to truly novel biotech stuff than you would at any other shop except maybe Centerview. As someone who works in the space and doesn't want to do PE, I think working there would be super interesting, and they always have deal flow. They are trying to grow their M&A practice to more effectively compete with the MMs and boutiques and so far that seems to have gone well. They worked on Dermira and Progenics, and are working on the PDL divestitures (I think with another bank). All good mandates. I know there is stigma surrounding ECM heavy shops when it comes to exits but Leerink seems to have a semi-unique status as an absolute expert in healthcare and especially biopharma. Maybe that ECM thorn will hurt PE chances, but with their growing M&A work, you might be able to get enough of both to have a good shot. I really don't know because IDGAF about PE, but this is how I see it.
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Would also add that it seems BB Healthcare teams based in SF primarily focus on biotech/pharma, with services and medtech run out of NY offices. I know that MS and BAML have teams that do almost entirely biotech/pharma, not sure on the other BBs. From my understanding, if you're in the HC team at a BB in NY you'll have exposure across verticals, but if in the same team in SF you'll be working almost entirely on biotech and pharma. So, if you're aiming for a biotech role and want to go the BB route you should focus networking efforts on SF offices.
Haven't seen anyone mention it, so I'll also note that MTS does biotech work as well. Don't know much about them but have seen around.
Saw Cain mentioned earlier.. I may be wrong but fairly sure they don't touch any biotech. Piper and RJ seem to do almost entirely follow-ons. Piper's last significant sell-side was Bamboo in 2016. Can confirm Jefferies is quite strong on the ECM side and seem to do decently well with M&A. Not sure Baird does much in biotech and can't say I've ever really seen BMO on anything.
Also going to add that Cantor Fitzgerald has been recently making a push into ECM with Sage Kelly building out the team, but not sure they've been left lead on anything. May be wrong though.
Thanks for the detailed info. Really appreciate it
$11.90 billion
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Euronext Brussels (UCB)
21. BioMarin Pharmaceutical$14.51 billion
NASDAQ (BMRN)
20. Shanghai Fosun Pharmaceutical Group$14.95 billion (HKD 116.641 billion)
Hong Kong Exchange (2196)
19. Kangmei Pharmaceutical$15.63 billion (CNY 103.98 billion)
Shanghai Stock Exchange (600518)
18. Yunnan Baiyao Group$16.11 billion (CNY 107.160 billion)
Shenzhen Stock Exchange (000538)
17. Sun Pharmaceutical Industries$19.59 billion (INR 1.27 trillion)
National Stock Exchange of India (SUNPHARMA)
16. Mylan$20.86 billion
NASDAQ (MYL)
15. Samsung Biologics$21.78 billion
KRX Korea Exchange (207940)
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NASDAQ (INCY)
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Shanghai Stock Exchange (600276)
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London Stock Exchange (SHP)
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ASX (CSL)
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NYSE (AGN)
5. Biogen$66.14 billion
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4. Celgene$77.35 billion
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Found this article in https://iprice.co.id/</a">iprice indonesia
Lol is this biotech companies? OP meant coverage groups at banks. Also a bad list IMO. Perrigo is primarily otc and gx and even Mylan is heavily gx especially after the Upjohn merger. And Teva too. I wouldn't necessarily call gx heavy companies "biotech"
Agreed. Biotech space is filled with cell/gene therapy right now.
How are Blair/Biard/HL in this sub-sector?
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