Thoughts on LifeSci Capital?

Equity researcher interested in getting transaction experience with SMID biotechs and have limited insight/expectations on IB analyst programs.  Any perspectives on expected experience (transaction exposure, analyst responsibilities etc.), assessment on the quality/type of IB bank, likely exits given limited history, and other points would be really helpful.

https://www.lifescicapital.com/investment-banking/

New (2018) healthcare-focused IB boutique, part of the LifeSci company network which includes the #1 U.S. biotech investor relations firm.  Involved in 17 transactions in 2020 (10 follow-on offerings, 4 IPOs, 3 private placements) helping raise >$1.7B with ~$130MM average transaction size and lead manager in ~50% of the ECM transactions.  Other frequent book-running managers are Jefferies, Cantor,  Piper Sandler, Credit Suisse, Chardan,UBS, SVB Leerink.  Also launched 2 biotech SPACs this year, raising ~$70MM and ~$80MM respectively; one of them merged with Vincera Pharma, market cap now ~$160MM.

The IB team is very lean, 4 senior leadership members and only 2 FT analysts and ~3 academic-term student analysts.  ER team has 8 people.  The senior leadership team has a previous senior analyst at a $2B biotech hedge fund, the previous co-head of healthcare IB at Canaccord Adams, previous healthcare M&A head at NSC, Robertson Stephens, Wells Fargo, UBS and SVP at a SMID biotech.

 

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