I've been looking for a list of top healthcare boutiques. I've tried the search bar and have only found BB and EBs and no current threads on healthcare boutiques. With these firms, are the exit opportunities very different when compared to BB and EB HC teams?
I know that there's been a transition of talent out of BBs due to regulation and so I'm curious if there's a noticeable difference between top boutique teams and BB ones.
Thanks guys!
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Cain Brothers is probably the top healthcare boutique I can think of
Are there any other good ones? I've heard good things about Cowen and Leerink. Do you know how these firms' exit opportunities compare?
Leerink is better, on average. If you're interested in services, however, go Cain Brothers. Leerink is top-tier in life sciences.
Harper River Associates in Nashville is very strong in SE healthcare (usually run point on anything HCA does, for example)
bump
Edgemont Capital Partners
MTS Health Partners
Within LS, heard that Locust Walk Partners is good
MTS, Cain, Torreya, Leerink (a little bigger than the others, probably the best rounded of the bunch), TripleTree, Locust Walk, Chardan, and Edgemont tend to lead pack of boutiques and compete on/do fairly competitive mandates.
Cain and Leerink seem to do more capital markets stuff but also some M&A (I know Leerink is making an effort to grow its M&A presence--they've done some good work on Immunovant, Zogenix, and on the PDL liquidation with Torreya). Chardan is mainly cap markets too, would put them a tier below the prior two but still decent. MTS and Torreya do primarily M&A, asset sales, and licensing deals that go from small to pretty large. TripleTree is M&A too but I think they lean more devices/diagnostics/medtech, and they do pretty well in this space. I don't know much about Edgemont or Locust Walk but am aware they exist and imagine they do deals. These tend to be the more prominent boutiques that I see pitching on stuff.
There are others, such as LifeSci, HealthIOS, Back Bay Life Sciences, Provident, and a few others that play in the space but don't do as much. Would also make mention of a few "considered MM" banks that have a good or even heavier healthcare presence such as Canaccord Genuity, Cantor Fitzgerald, and Cowen.
Regarding exits, it is definitely tougher compared to a BB, EB, or well-established MM but decent ones are possible and laterals to BB/EB healthcare teams are pretty reasonable. People I know personally from some of the first group of firms I mentioned have moved on to BB/EB investment banking, MM healthcare PE, large and mid pharma corp dev, and actual life sciences venture capital. It is definitely possible, just don't expect it to be easy and don't be surprised if the most lucrative exits don't work out.
Working in healthcare IB, this is my take from my experience. Hope it helped. Apologies if I got some of the banks specific industries/focuses off. I am not as familiar with some than I am with others.
Agree with some of this, but not all. TT is really HCIT and outsourced services (e.g., payments, plan admin/solutions) focused. They do some more traditional services (provider) deals and an occasional device deal, but its a minority. MTS is a good comp for TT, though TT will claim they are "up market".
Cain did quite well for a long time in HC services, but has had a tremendous amount of turnover the past two years at the MD and D levels (stay bonuses paid by Key). Doesn't bode well long-term, but for the meantime, they have enough tombstones to remain competitive.
Edgemont has been doing quite well, though its track record is spotty (plenty of broken deals, lots of B and C quality assets).
Heard lots of negative things about Provident (poor processes, mediocre materials, diligence issues), but they seem to have some decent tombstones, though very little sponsor advisory.
Covington, Coker and Brentwood all seem to be decent HC boutiques that will get an occasional high quality deal and plenty of decent-to-good mandates.
Overall, it seems like HC is even more fragmented than some of the other industries, particularly in the MM, but it is damn competitive.
HCIT and Services for TT--I knew they weren't biopharma haha, just didn't have the energy to search for what. I've also heard mixed things about Provident and also Edgemont. And yeah, I would definitely agree that it is a very fragmented space which I honestly see as a good thing since so many boutique banks are able to pull in 100mm+ and occasional Bn+ deals in M&A, as well as command a significant chunk of the capital markets space. Obv makes good mandates more competitive tho. IMO makes it kind of accessible to the incoming analysts who didn't land the BB/EB jobs and allows for them to still get really solid deal experience, vs a space that is fully dominated by the big guys.
have heard this about Cain from a director at keybanc as well
Mind giving your perspective on LifeSci Capital from the info here? Appreciate it!
https://www.wallstreetoasis.com/forums/thoughts-on-lifesci-capital
I'm afraid I don't really know too much about them other than that they exist, are in healthcare, focus on capital markets, and that I haven't really seen them on as many cap markets transactions compared to the usual suspects like Leerink, Cowen, CG, etc.
Edit: Just clicked the link and looked at the transactions, which I did not see when I went to their site for some reason. Seems like that actually have been doing fairly well for themselves. Lot of follow-ons, but definitely some IPOs in there too. Probably would be decent experience for someone who likes healthcare. Seems like a pretty small group tho so not bad but a still a notch below the aforementioned banks if you like rankings like most people on this site.
MTS
What about Biotech? I didn’t find any info on this unfortunately. Who are the big players among the BBs/EBs/Boutiques in Healthcare for Biotech? Also would appreciate any info on Biopharma as well.
I'm also curious. biotech and biopharma seem to be the more interesting parts of healthcare
It is probably better to group biotech and pharmaceuticals together for stuff like this. BB players who do good pharma work include JPM, BAML, Barclays, Goldman. For big bad elite boutiques, Centerview is a fucking beast, Evercore, Lazard, Perella, and PJT are all good, and Guggenheim is good but I think they do more on the HCIT/Services side. For MMs, Jefferies, Piper, Blair, Cantor, CG, Cowen, among others are all active. For boutiques, SVB Leerink, MTS Health Partners, and Torreya Partners immediately come to mind, but there are absolutely others I'm forgetting rn.
Thank you for this. Do you know if Biotech and Biopharma teams run out of west coast or all they all in New York?
I work at Gugg on the services side of HC but the pharma practice is certainly strong. Recently advised on Myokardia BMS and do all of Pfizer's deals among some other large cap clients
Here's a dated list, but it is likely accurate. Cowen, Jef and Leerink crushed it this year on biotech ECM. My sense is the largest are still led by JPM/GS, but again, not an ECM guy, so I just know what I read and hear.
looks like leerink, Cowen, jefferies murder healthcare. is it like this in other coverage groups where smaller firms punch so much above their weight?
Also where'd u get that graph. surely there is one that isnt just ECM?
theoretically would you want to be at one of the BBs, MMs, or boutiques. I get PE exits probably better at BB, but what about VC/HF from boutiques vs mm vs bb
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