Eric Tokat
Is Eric Tokat the best biotech banker of all time? Word on the grapevine is he is at the helm of CVP now. What makes him the best?
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Based on the most helpful WSO content, Centerview Partners (CVP) is highly regarded in the biotech sector, particularly for M&A. While specific details about Eric Tokat are not provided in the context, CVP's strong market share in biotech transactions suggests that their leadership and team are highly competent.
Key points about CVP in biotech: - CVP has a market share higher than 50% in biotech transactions. - CVP SF is noted for its M&A activities, with Mark Robinson being a notable figure.
For more detailed insights on individual bankers like Eric Tokat, you might want to explore further discussions or threads on WSO.
Sources: Biotech IB - Which banks are best?, Ask a VP in Equity Research anything - 2018 Edition, Q&A - VP in healthcare corporate banking, Q&A: Vice President - European BB Investment Banking (Industrials), Here's why Investment banking is the best career path ?
Unrelated but idk why but Turkish bankers tend to go far, I've seen them few and far between but everyone i've met was generally a bit crazy but went far.
Like who?
Wdym as saying “far”
A couple stats:
1. CVP / Tokat have advised on 60 $1bn+ biopharma sellside deals since 2019. That's more than JPM (13), GS (13), BofA (9), Lazard (6), MS (4), Leerink (3), Citi (2), Guggenheim (2), and Moelis (2) combined (54). Let that sink in.
2. CVP / Tokat have advised on 16 of the last 20 $5bn+ life sciences deals
3. In 2023, in terms of pure gross numbers, CVP had the highest HC revenues of any bank (more than GS, JPM, MS, etc)
For those who are skeptical, all of this info is publicly available.
Holy Fee… How did he end up as the go-to advisor in the space? Impressive
he was with hartman who also left ML for CVP and was HC background + head of M&A, got his legacy + obviously very smart individual
This is getting ridiculous now. The man is on a generational run, making it damn right miserable to be a biotech banker for any other shop. Our HC team honestly goes into sell side RFPs knowing full well we’ve already lost to CVP
100% - caught up with a BB HC pharma MD the other day and he was legit saying a lot of people don't even bother pitching for large cap pharma sellsides anymore unless they know CVP isn't competing for it. Or they'll just pitch for the buyside with the most likely buyer.
CVP's model is brilliant. They will only advise you if you have an inbound. They won't run a full process for you. Once you get that 1st Offer, they'll call up the other pharmacos to see if they're interested.
That’s just how the industry works. You run a failed process you’re basically screwed out of a good premium going forward. Get an inbound that catalyzes a process or gtfo cus there’s not much asymmetrical market information as there is in other industries so buyers r largely chillin
Ignore title and ADHD rant. CVP biotech reigns supreme because of the barbell approach - you have Hartman / Chris / Robinson getting super close with large pharma then you have Arnold / Rymer / Tokat that have great VC / small publicco board member relationships and it all snowballs. Not only do they give the best advice they’re also unconflicted and didn’t spend the last 5 years being annoying as fuck begging to do dunbass add on financings and haggling for fees. Also helps CVP has the best execution ppl in the industry and they get PAID. Shoutout Zuckerbrod/Fekete/McNaughton/others. These dudes run these deals flawlessly and consistently have outshined other banks. Like you sit on a call and it’s obvious who you want advising you and they’re largely good guys that get paid to be good guys too. Word spreads across boards and next thing you know you look like an idiot if you have Jefferies running your sellside annoying the heck out of Otsuka/GSK when the real buyer is UTHR.
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Amen. Nothing worse than running a pharma/biotech sellside where your MD has no clue who the right buyer buckets are. It should be much easier in pharma world than other coverage groups since there's no real sponsor universe + limited pool of mid-large cap pharma who have the dry powder to execute but somehow MDs still find a way to reach out to every pharma under the sun...
They have been conflicted very often
Bump
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