Hi, hoping to see if anyone has insight or access to information that sheds insight on the top healthcare groups on the street? Are there certain firms that outperform in this area over others?
I understand there are various verticals and sectors in Healthcare and some firms may outperform others in that particular area but was hoping to see overall wise, which firms would be the strongest in the Healthcare space for an overall healthcare investment banking experience.
From research and previous threads it seems top groups HC overall:
BB: 1.) GS/JPM 2.) Barclays/BAML 3.) Citi 4.) MS 5.) CS 6.) DB/UBS
Middle Market/Boutique: 1.) Piper Jaffray 2.) PWP 3.) Jefferies 4.) Centerview
Would be great to see if anyone can shed insight on this or have any information.
Your boutique stuff is lacking. CenterView is almost GS like in HC now. You are also excluding Lazard, Moelis,Evercore, Guggenheim who all probably do lot more than PWP. Jefferies and even Houlihan probably do more than Piper
Okay thanks, I do not know much about the boutique space so this is good to know.
what about leerink?
If you are including Leerink, don't forget MTS and Cain
I think Barclays is too high. Someone already mentioned this but add Gugg.
Check out the recent thread on here comparing Gugg and Barclays
He said "overall healthcare investment banking experience"
Guggenheim splits its practice into verticals
centerview fucking runs large cap biopharma m&a FYI
Is this list supposed to be ranked? Where is evercore?
Crushing the ~2017 league tables
I'd take ms over baml barc and Citi. Much better deal flow.
BB are accurate according to my friend at a megafund but he also said DB is very strong in health care technology so it might deserve its own tier.
Depends what you consider when you say overall healthcare investment banking experience. If you only mean M&A, which is not even close to an overall experience, then Centerview runs healthcare at the moment and it is not even close. They seem to be on every single large biotech sell side for the past 18+ months. If you want to work with clients through the entire process of healthcare, then you would be much better suited at a middle market bank that focuses on being an advisor at every stage. Healthcare is one of the more fragmented sectors in banking with much smaller firms generating substantial fees due to their specialty in the sector.
Best post, in terms of both properly naming the true leader + most salient advice.
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do you know specifically which verticals within HC they do best in?
This is not true at all lmao, MM is dominated by Jefferies and HL with WB/Piper fighting for scraps.
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Curious about DB with their new HC head.
He's not new, just an internal promotion but DB is very strong in HCIT and is able to edge out UBS in overall healthcare because of it.
Cowen is a strong MM for healthcare (mainly biotech) ECM.
Leerink and MTS I believe still have a pretty good franchise in terms of a wholistic experience.
MTS is good for cross-border deals too, particularly Japan. They brought on this former Lazard guy who is doing a lot of good for them.
Your BB ranking is completely inaccurate.
MS is on par with GS / JPM. They were on AbbVie Allergan, BMS Celgene and countless other mega-deals. This makes me think you work at one of the banks listed as 2 and 3.
livongo and teladoc as well?
Yea, and Gilead / Immunomedics too. This ranking by OP is nothing but trash
What about Cain Brothers?
Very solid MM reputation, particularly in HC services. Surprising amount of senior turnover the past couple of years out of the NY office, so not sure what that says.
leerink?
Bunch of smaller boutiques and capital market-heavy shops out there that you didn't name that all do deals and therefore have solid experience in my opinion (I know people at most of these). Just to rattle off some that may or may not be named here in no particular order: Leerink, Cowen, Cantor (big bad Sage Kelly), Torreya, MTS, Cain, TripleTree, Canaccord. All of these do capital markets and/or M&A deals of various sizes and have a good name for themselves. Not sure if all of these are in NY so apologies if I fucked that one up.
Not an expert on HC banking but I believe Lazard has been very strong recently. One of their top groups other than RX. On CVS/Aetna, Express Scripts/Cigna, etc.
True but if the question is overall healthcare exposure than not as much. Lazard has done good work in healthcare IT (did the big teladoc livongo deal during Covid) and healthcare services as you mentioned.
However, their biotech team is definitely middle of the pack. Their team is a lot smaller than the other EBs and is more similar to a Moelis in their frequency on advising on large biotech transactions than say a CVP or EVR.
For a full breadth of solid coverage I think you have to look to the BBs given they usually cover all subverticals and will do both debt and equity financing. It’s been mentioned before but GS and JPM are still very dominant with MS and BAML and nowadays Jefferies in solid contention.
MS should definitely be listed alongside GS / JPM. They were on almost all of the largest HC deals recently.
OP 100% works at either Barclays or BAML
Dyal & Co are also very strong, they constantly advise on some of the biggest HC deals
OP's ranking is a joke...
Take a look at league tables in the last 5 years, GS / MS / JPM / Evercore / Centerview (in no particular order) are the top HC shops by far
Few things to address here...
1. Imo JPM is the top HC team on the street
2. Piper over Jefferies?!?
3. Evercore/Gugg/Cowen should be on here
Bump - any updates as per 2022?
Jefferies HC has been crushing it past few years, stealing huge amounts of market share. I think they’re like 5th overall in HC fees now on the league tables.
They've been legitimately crushing it for like 5+ years now especially in services. I wouldn't say past few.
For 2021, MS/JPM/GS have all done really well. Would say on the boutique side CVP, EVR and PWP had strong years (Gugg had a strong start to 2021 too)
how about cowen?
Crushed it on the equity side of things in biopharma, not sure on the M&A front of Healthcare in general
Should you pick JPM HC over GS HC?
I would definitely take GS, slightly stronger deal flow in M&A and better exits. Also GS might be more consistent with the high bonus. Both are amazing opportunities though.
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