MM Healthcare

Which middle market firms perform the best in healthcare and biotech/biopharma in particular? Curious to get more insight into this.

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Comments (48)

  • Analyst 1 in IB-M&A
Oct 10, 2021 - 7:19pm

yes but wouldn't go near that group unless my life depended on it.

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  • Analyst 3+ in IB-M&A
Oct 11, 2021 - 3:33pm

doesn't count fairness opinions. they actually do more deals than anyone else, like 40+ a year last I heard

as others have said, the group works extreme hours and has struggled with turnover recently

Oct 10, 2021 - 7:33pm

I think if you really want to be in MM Healthcare, find a group that has a strong culture/growth potential (promote internally etc).

Honestly can't pinpoint one bank to say it's the "best."

Also HC biotech/biopharma makes it different and eliminates some MMs heavily focused on HC services (Cain doesn't touch biotech/biopharma for example but gets a ton of flow for hospital systems/sponsor owned outpatient facilities).

Oct 11, 2021 - 12:26am

Which firms tend to be the best at internal growth/promotions in your opinion? I've heard WB and Leerink are pretty big on this.

  • Intern in IB - Cov
Oct 11, 2021 - 12:48am

I've been seeing Leerink closing several M&A deals past couple weeks. Looking really exciting for them.

  • Analyst 1 in IB - Cov
Oct 11, 2021 - 9:35am

Biotech / pharma: Leerink

Services / tech: Cain 

Good mix of both: MTS Partners (but stronger on pharma side than services)

Other good names include TripleTree and Edgemont, but I'd say they're materially weaker than the above 3. 

  • Intern in IB - Gen
Oct 11, 2021 - 11:16am

I've heard Tripletree is decent but Edgemont? I've heard awful things about them and their dealflow. They come recruit at my nontarget and I still don't know a single person who considered working there

  • Analyst 1 in IB-M&A
Oct 11, 2021 - 3:54pm

TripleTree > Edgemont any day of the week. I could vouch for TT as buddies of mine worked with them on sell-sides and I interacted with them before on a pitch/teaser. Great group of guys that are crushin it. Edgemont is garbage lol. 

  • Associate 2 in IB - Cov
Oct 11, 2021 - 11:54pm

They arent really considered a middle-market firm.  They started a MM team, but I believe it is mostly tech at this point.

  • Prospect in IB - Cov
Oct 11, 2021 - 1:05pm

MTS, TripleTree, and Leerink are 3 top shops that have been killing it outside of HL, Cowen, and Jefferies.

  • Analyst 2 in IB-M&A
Oct 11, 2021 - 4:02pm

Piper Sandler crushes it in Med Tech Devices and generally holds HC as one of their strongest groups.

  • Analyst 1 in IB - Gen
Oct 12, 2021 - 1:03pm

Not sure why Piper isn't being mentioned a ton here. They're a relatively strong player within the HC space. Slightly behind Leerink / Cowen though. 

  • Associate 1 in CorpDev
Oct 13, 2021 - 10:03am

Piper is definitely strong. Check out some of the senior bankers that sit out on in their SF office doing biotech. Culture though is a whole other question. Have heard of brutal hours over there + Minny being a back breaker too. 

  • Associate 1 in CorpDev
Oct 13, 2021 - 10:05am

SVB has been getting a lot of attention in the last few months (rightfully so). This could be a great spot for those looking at extended careers in banking. I've floated this out on other threads, but curious to hear what people's experience with recruiting (more so lateral positions) with them has been like? Have heard hours are generally long given the space but that culture is good. They've also started doing work in hc services too which will be huge for them.

Oct 13, 2021 - 12:23pm

SVB Leerink is extremely strong in the pharma and biotech space. Would argue they might be the best of these names in those spaces based on recent performance

  • Analyst 1 in IB - Cov
Oct 13, 2021 - 4:11pm

In regards to explicitly biopharma, Jefferies, Leerink, Cowen, and Piper are amongst the best. MM M&A for biopharma is basically none existent you're going to be doing a lot of ECM work. The sell-side space is dominated by Centerview and thats deals anywhere 1B+.

At those other shops you will also get to work on licensing deals as well. The reality is you don't need to knock down M&A deals to go to the buyside for biopharma; buyouts aren't a think all of these companies that sit within the 300M-8B space rarely have an FDA approved drug. You have to have a solid grasp of the science and how to value these companies; you don't need to know how to put together a merger model or a LBO.

People from healthcare at the banks aforementioned generally exit to growth equity, VC, and l/s HFs. I don't think any of these banks would say that they compete with HL for deals

Oct 13, 2021 - 4:16pm

Super helpful! For reference, how difficult are laterals on the sell side from firms like Leerink/Piper/WB/Cowen to top HC/biotech groups at well known EB/BB firms? Curious about this as usually people only talk about buy side transitions.

  • Works at SVB Leerink
Oct 13, 2021 - 6:25pm

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