Top Healthcare Groups for exposure (overall)? (NYC)

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:

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.

Comments (52)

Jun 2, 2020 - 4:42pm
abacab, what's your opinion? Comment below:

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

  • 8
Jun 2, 2020 - 5:38pm
investmentbankingaj, what's your opinion? Comment below:

Okay thanks, I do not know much about the boutique space so this is good to know.

  • Intern in IB - Gen
Jun 2, 2020 - 6:36pm

I think Barclays is too high. Someone already mentioned this but add Gugg.

Check out the recent thread on here comparing Gugg and Barclays

  • Intern in IB - Cov
Jun 2, 2020 - 11:37pm

I'd take ms over baml barc and Citi. Much better deal flow.

Jun 3, 2020 - 12:10am
SophBB, what's your opinion? Comment below:

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.

  • Analyst 2 in IB - Cov
Jun 3, 2020 - 12:42am

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.

  • Intern in IB - Cov
Jun 8, 2020 - 6:35pm

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.

Jun 9, 2020 - 12:42am
Nightman Cometh, what's your opinion? Comment below:

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.

  • Analyst 2 in IB-M&A
Jun 8, 2020 - 6:51pm

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.

Jun 9, 2020 - 12:41am
Nightman Cometh, what's your opinion? Comment below:

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.

  • 3
Feb 16, 2022 - 5:21am
smallmanbigapple, what's your opinion? Comment below:

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. 

  • Analyst 2 in IB-M&A
Oct 21, 2020 - 8:32pm

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

  • Prospect in IB - Gen
Oct 21, 2020 - 11:41pm

Dyal & Co are also very strong, they constantly advise on some of the biggest HC deals

Oct 27, 2020 - 4:57pm
winnerofall123456789, what's your opinion? Comment below:

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

  • 2
  • Analyst 2 in IB - Gen
Oct 27, 2020 - 5:34pm

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

Feb 22, 2022 - 11:08pm
gomiddle, what's your opinion? Comment below:

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)

  • Analyst 1 in IB - Cov
Mar 2, 2022 - 4:25pm

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.

  • Prospect in IB-M&A
Mar 2, 2022 - 6:22pm

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  • Associate 1 in IB - Cov
Mar 23, 2022 - 1:08pm

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  • Prospect in IB - Cov
Aug 31, 2022 - 1:32pm

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