Comments (66)

  • Business School in CorpStrat
Dec 29, 2021 - 2:15pm

Personally a big fan of industry specific boutiques/MMs that have strong cultures and are not toxic sweatshops. Ton of < $1 billion HC deal flow to go around.

  • Intern in IB - Gen
Dec 29, 2021 - 8:54pm

Agreed, HL and Jefferies seem to have done really well these past years doing a crazy amount of volume with deals well above 600M mark.

  • Business School in CorpStrat
Dec 29, 2021 - 9:44pm

If you happen to enjoy JEF HC's culture, I'd argue there is no better place to be in the MM.

  • Intern in IB - Cov
Dec 31, 2021 - 12:16pm

Yup they recently worked on Merck/Acceleron which was an insane deal

  • Business School in CorpStrat
Dec 29, 2021 - 7:45pm

Does some decent sponsor HC deals too. We used them in the past as a buy-side advisor at my company (we're middle market, UMM/MF PE-backed).

  • Analyst 2 in IB - Cov
Dec 29, 2021 - 8:03pm

Would disagree they advised on Translates sale to Sanofi, Arena to Pfizer, and Jazz on its acquisition of GW. I'd say they've done pretty well the past couple of years especially this year given biopharma M&A has been slow.

  • Prospect in IB-M&A
Dec 29, 2021 - 4:02pm

CVP has been on practically every single biotech deal over the past 2 years I believe 

Dec 29, 2021 - 11:08pm
MBA2WS, what's your opinion? Comment below:

HL's healthcare group did the most M&A deals in the US for 2020. Not sure where they stand for 2021 but I'd imagine they're at the top again or close to it.

  • Business School in CorpStrat
Dec 29, 2021 - 11:29pm

I think you're talking about <$1B MM deals. I believe HL/JEF were tied for #1 and Cain Brothers wasn't far behind. Granted average deal size may vary per firm.

Funniest
Dec 30, 2021 - 3:23pm
reformed, what's your opinion? Comment below:

Haha, you clearly you're at MS...

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Dec 30, 2021 - 2:16pm
punk, what's your opinion? Comment below:

Centerview has consistently been at the top especially in big pharma and biotech, it's honestly very impressive and not much of a debate 

  • Analyst 2 in IB-M&A
Dec 31, 2021 - 12:44pm

As others have mentioned, CVP is the qatalyst of healthcare deals/ independent advisor that is the gold standard for large deals in the vertical. Such a large industry however, there can be many winners at different size of deals. I'm sure one of WB, HL, Laz, or Jeff have a pretty dominant healthcare practice/ own deals in a smaller range are alternate vertical. 

Worth keeping in mind, some banks might have an exceptional biotech MD, but a poor med-tech practice, so likely numerous winners given how large the space is.

Dec 31, 2021 - 1:02pm
smallmanbigapple, what's your opinion? Comment below:

One name that hasn't been mentioned above is Guggenheim. In the LTM they did Arena/Pfizer, GW/Jazz, Myocardia/BMS. All pretty blockbuster transactions. The MedTech franchise is also really solid albeit with higher junior turnover. Heard the services team is starting to rebuild after a few top guys went to Leerink.

  • Business School in CorpStrat
Dec 31, 2021 - 1:37pm

Have also noticed a large amount of MedTech turnover at the An-Aso level too.

Dec 31, 2021 - 2:14pm
punk, what's your opinion? Comment below:

sat on a pitch with them before - they strike me as a rather blasé and lackadaisical bunch but are nice guys though 

Jan 1, 2022 - 2:29pm
Fjsjrjdns, what's your opinion? Comment below:

Centerview, and it's not even close. But since the Centerview HC team is basically a myth and no one can really work there, it's irrelevant.

  • Business School in CorpStrat
Jan 1, 2022 - 6:55pm

MTS Health's recent BehaVR/Sumitomo deal is one of the most interesting deals I've seen in healthcare recently. 

  • Business School in CorpStrat
Jan 2, 2022 - 9:41am

True but they do quite unique deal structures and have had some solid exits to PE (few Veritas exits in recent year and a Bain Cap) and healthcare corp exits (Roivant exits were very interesting, far from vanilla corp exits IMO - seems like everyone who exited had a lot of say/wore multiple hats). 

I believe they pay street or slightly above (one of the WSO datapoints state an ASO1 made 350K in 2019 but that may be an exception since they were on 4 billion dollar deals that year which is definitely not the norm for them).

  • Business School in CorpStrat
Jan 2, 2022 - 11:00am

TT: great place to be for HCIT. Unsure about solid exits/laterals honestly.

Cain: decent MM/LMM placement in HC PE. Strong laterals. For associates and above: I've seen Citi, William Blair. One of the VP/Directors moved over to McK as an associate partner. For analysts: JPM, PWP, Dyal & Co. Cain Bros seems to have had a turnover issue since they got acquired by KeyBanc but are just a slight notch below Jeff/HL who were tied for #1 this year for MM healthcare deals under $1B (Cain is at 20 vs. Jeff/HL - 22).

Jan 14, 2022 - 3:21am
MacAndCheese, what's your opinion? Comment below:

GS HC is by far a superior franchise in terms of volume, top of the M&A and ECM league tables consistently. MS usually playing for 4th to 5th place.

On the flip side, they share similar cultures honestly, as a junior you can't go wrong with either.

Jan 14, 2022 - 7:19am
D-Sol_12345, what's your opinion? Comment below:

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  • VP in IB - Cov
Jan 14, 2022 - 1:00pm

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  • Prospect in IB - Gen
Jan 14, 2022 - 12:48pm

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