Interesting Biotech / Biopharma Exits from IB? (not PE)
current AN at a HC group doing mostly bio pharma / biotech IB, solid mix of both financings and m&a. i find it interesting and enjoy it but wonder what exits looks like from these shops. Was a business / finance major so zero STEM experience. Past analysts from my firm have mostly exited to PE but would like to know what else there is out there. Are there any interesting exits from this kind of group? Lotta people say you need a phd / MD at the bare minimum for most exits, wondering what else people have seen.
Based on the most helpful WSO content, here are some interesting exit opportunities for analysts in biotech/biopharma IB groups beyond the typical PE route:
Hedge Funds/Public Equity Biotech Roles:
Late-Stage Venture Capital (VC):
Corporate Development/Strategy:
Startups and Entrepreneurship:
Specialized Consulting:
Unique or Non-Traditional Exits:
While having a PhD or MD can open doors to certain roles, especially in early-stage VC or highly technical positions, your IB experience in a healthcare group provides a strong foundation for many buy-side and corporate opportunities. Networking and leveraging your deal experience will be key to exploring these paths.
Sources: Biotech finance: from IB to VC / HF to funded startup, Breakdown of Post-IB Exit Opportunities, Breakdown of Post-IB Exit Opportunities, A Few Observations on Investment Banking Exit Opportunities
I was in a similar IB group and exited to corp dev at a biopharma, would say it’s probably the most feasible option besides PE.
Some other options that come to mind:
Biotech specialist HF/VC - harder to crack in my view as they will typically go for folks with MD/PHD, given they are mostly looking at clinical stage
Biotech credit or credit-like fund - above point still holds but maybe easier, the handful of royalty investors are very interesting to me and I think are good seats
PE - there’s few funds that are truly specialized in pharma/biotech who mainly go after commercial assets, obviously if you expand the scope to general healthcare then there are many funds
curious on the biotech credit funds, feel like this is a niche with a pretty niche space already. Is it as difficult to break into as biotech equity investing?
Agree it’s pretty niche but they do play in an interesting space. IMO it’s a better fit for someone with banking background as it’s perhaps more financially technical vs an equity fund which is more scientifically technical. So, maybe easier, but still not easy ofc
Look at folks in blackstone LS, orbimed credit, catalio, oaktree LS etc. and you will see decent # with IB background
What are some that don’t require a heavy clinical back ground (MD PHD)
Bump in similar position
In a similar spot. New prod planning, strategy, obvi corp dev and BD at a small-large cap are options
Needless to say also roles at specialist funds, VCs, incubators (flagship)
For me, straight corp dev is a little less interesting, plus you want to be an an acquisitive shop or a company with killer tech
Qui doloribus et delectus. At et quam voluptatem hic doloribus labore optio. Nam nostrum nisi consequatur est libero saepe.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...