Top Healthcare Shops
Interested in HC and was wondering what the top HC shops have been in the past year. Heard PWP JPM Leerink HL are great. Cowen w their TD acquisition?
Aug 16, 2022Aug 16, 2022
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Comments (35)
Large Boutiques: PWP, CVP (esp Biotech/Pharma), EVR
BBs: GS, JPM, MS
MM: Cowen, SVB, HW, WB
Would also add Moelis for HC Services
Aren't Jefferies and Piper also good MM HC shops too?
SVB has taken a big hit - cantor is extremely good for HC. #4 in follow on transactions since 2017 (when sage kelly finally got settled in), only near JP, Jefferies and I think GS. they also have plenty of m&a and a relatively new Debt MD
Not sure why PWP isn't mentioned more. Top group there and is ran by the Ex JPM head of healthcare which is constantly boasted as best group on the street.
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Learn moreJefferies piper for sure as well with all mentioned previously. Would also add jmp after being acquired by citizens and potentially RJ
JPM Healthcare is elite for BBs
JP Healthcare dominates biopharma
If you like multi-unit / PPM, HL is the #1 in that space.
Is that their physician services vertical? Who else are the big players in the PPM space?
Do they have a NY team?
Yeah, and it's sizable
Piper MedTech and HCIT definitely up there for MMs
this one comes back every so often.
this for example:
https://www.wallstreetoasis.com/forum/investment-banking/best-healthcare-investment-banks-by-verticals
it's hard because not everyone does everything and excels at it.
are you looking at fees? fees per banker? number of deals? specific verticals? specific types of deals (ECM or M&A? sponsor or corporates)...
a few things that stand out:
- JPMorgan probably consistently across all market segments. lots of bodies on the ground. covers all verticals
- some MM firms have very specific angles. Piper dominates in med tech for example. also fees share of Piper, SVB, Cowen for biotech IPO is impressive. for M&A less so (Piper was doing well on spec pharma M&A but their top banker left for Barclays (which is incidentally strong on spec pharma).
sell-side biotech? centerview #1 by far; Lazard fighting for share too. JPmorgan growing presence.
Large cap pharma advisory? most EBs (albeit don't print with every large pharma - exceptions are probably Evercore and Centerview); then JP / MS / GS / BAML (no specific order). Citi somewhat behind; others are more aligned with specific corporates.
CDMO? beyond thre BBs, RBC had a strong market share, but top CDMO banker left for Truist.
HL is focused on buy & build, also good presence in healthcare marketing companies. some good presence in medtech too (notably Europe, although team is recent)
Jefferies is strong across verticals, quite MM focused, M&A is PE focused as well
I think SVBs M&A fees last year were pretty sizeable. About 50%+ of their revenue was from m&a
https://d18rn0p25nwr6d.cloudfront.net/CIK-0000719739/4b031df0-621a-429e-95ec-1ba5f88b029d.pdf
Go to p.99 of their 10k. Under 20% of their revenue is from IB, let alone M&A.
JPM & GS pretty clear-cut top 2 for BB
Jefferies for HC services selling to sponsors in the MM. Heard they kill it in the space and are always very busy. Only post MBA exits to PE (healthcare funds) I've seen were from here.
Think Guggenheim has a pretty decent HC practice, but not sure how it stacks up with these other players
Services kills it volume-wise, pharma still holds a lot of big relationships but low activity from them (besides equity stuff), and unsure what the deal is with medtech after the junior turnover / culture problems. Definitely solid as a whole platform
HL, Jeffries, Moelis. for all things services / retail / multi site. You'll see some BBs win mandates in this vertical obviously but not at the same velocity. I'd say HL wins the most but will average smaller deal size wise.
I don't know a ton about the other verticals but I know Baird has a pretty solid pharma services platform out in Charlotte.
SVB and Tripletree also have great groups but I'd say are a slight cut below the rest.
Based on Q2 earnings call, SVB leads the HC league tables this year in almost every aspect and quarterly earnings were up 24% YoY. Fees are 50/50 split between ECM and M&A.
How is Cain Brothers
FocalPoint Partners (now B. Riley Financial)
?
CS is doing well in HC
.
OP asked for top hc shops - Crosstree is a bottom feeder and trash LMM shop. Notorious for shitty staffing.
Only thing going for it is that pay seems to be market according to this: https://info.crosstreecapital.com/hubfs/Crosstree%20Careers%20Overview%20v7.pdf
Plus HQ is in Tampa if that's your thing
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