Biotech/Pharmacy

Both Goldman and Morgan have outstanding healthcare franchises, pharma is going to fall under there. Biotech I am less certain of, sorry.

CS. More value v volume vs GS/MS

http://wsj.dealogic.com/MAQ411-CS.htm

last year CS was #1 and JPM #2

Thanks guys, any boutique firms?

if you are talking top boutique its Lazard. the small time boutiques are Cain Brothers, leerink, Cowen, jmp securities.

UBS for healthcare

What's the "culture" like over there?

Why UBS over the other banks?

Why UBS? It's just like why GS TMT. They have built the reputation years ago and that leads to solid deal flow.

Culture at healthcare is intense. Those guys probably work the among the longest hours of any group at UBS. But they also party harder probably than any group at UBS.

do you know if they have/hire M.D.'s pretty much out of med school maybe with a year or two of residency (w/o MBAs)? If so, do they come in at the analyst or associate level. Assuming I have an undergrad degree in finance, where would I come in? thanks.

It is going to be VERY hard to come into ibanking after med school and residency...

You are too old to be an analyst and lack an MBA for any position associate or higher.

so recently turning 26 is over the hill?

over the hill for an analyst....if you get an MBA you can certainly get an associate position.

Bain Capital Acquire Physio-Control from Medtronic (GS)

http://www.efinancialnews.com/story/2011-11-28/us-health-mergers-acquis…

http://tradingevents.blogspot.com/

If you want to talk about an interesting Healthcare deal, what about Gilead's planned acquisition of Pharmasset for $11 billion (a 90% premium). Can go into a number of different directions and its not even a month old.

• Current Healthcare industry, and the costs that go into making a blockbuster drug
• Exemplifies why Precedent Transactions tend to overvalue companies when compared to DCF, LBO, or Public Comps techniques

• Some questions to prepare for? (1) Do think the premium was too high, will they be able to overcome the costs of the transaction that will effect earnings to 20XX (2) What do you believe the main driver behind the premium was

• You can even ask someone in HC IBD if those types of premiums are common

one of many articles: http://www.investorplace.com/2011/11/gilead-buys-pharmasset-hepatitis/

broadstbully:

Hey guys-- non-target junior here getting ready for SA IB recruiting. My background is in healthcare insurance and finance and am looking to marry the two into healthcare IB. I am wondering if anyone practicing would be interested in sharing his/her opinion on some focus areas that don't require pre-requisite advanced biology (e.g., managed care orgs, hospitals, possibly big pharma, etc.) and how prominent they are in overall deal flow. I'd be more than happy to buy you a drink (or SB's) :-)

What are you looking for exactly? I previously worked in healthcare IB.

Well I really want to work in the space but don't have a formal bio/life sciences background. I've done a lot of charity work with HC non-profits but nothing direct. Do you have a formal bio background (or would it be helpful?) .. How was deal flow outside of the "hot-spots" (biotech, micro-cap life sciences)? Shoot me a PM if you want, be interested to hear

While it certainly would help to have a medical background for LS/Biotech firms, it definitely is not a requirement. You will be able to pick up a lot of the lingo very quickly and understanding the exact science behind the drugs is something that Research can provide assistance with

there was a huge deal last week in the pbm world between esrx and mhs

thanks, for the help. I looked through dealbook, but i dont think i'm using it correctly..

Check out medco and express deal the biggest deal currently. There are a few websites you can check out just use google.

Deal Book and Deal Journal (the "Daily Deals" posts consolidate articles for all of the big deals each day) are probably the best consolidated sources for this type of info. The ESRX and MHS deal cited above is the largest I have seen recently.

http://blogs.wsj.com/deals/2011/07/29/deals-of-the-day-losers-and-more-…

^Allied Healthcare being purchased by Saga Group for $175M. Links to the Reuters article. Just an example..

451 group and run a general screen

Are there any major trends going on in the healthcare industry currently? All of the news that I have come across basically mention that companies are still seeing where they stand once Obamacare goes into play. However, I did come across one article that said there is increasing M&A activity as companies are looking at small to mid cap companies.

Healthcare IT is definitely big, meaningful use or the push to get everyone on EHR(electronic healthcare records) by 2015 is paying off for healthcare IT

CS HC arguably the NKI. F goldman. - esrx, 2nd largest YTD to ATT-TMobile - jnj-synth also top 5 YTD

subscribe to BioCentury and Merger Market

a few deals recently announced :

TPG Immucor

JNJ Synthes

APAX Kinetic

AMAG / Allos

a couple other big ones too I can can add to this post later in the week if u like

deal_mkr (or anyone else): is there a reason why there has been a lot of deal flow within the health care industry this past year (2 of top 5 YTD)?