The healthcare industry is
restructuring itself to reduce its reliance on blockbuster drugs while trying to gain a foothold in the generics market and the emerging markets. We've seen megamergers and bolt-ons, and there's more to come. New York boutique investment bank Centerview Partners LLC is
right on top of that development as well as a hiring trend: bankers at huge investment banks trekking to boutiques.
And a culture clash (as well as shrinking bonuses due to watchful government and public eyes [see: TARP money]) at the recently merged Bank of America Merrill Lynch is fueling the move to smaller banks. The latest high-profile moves include veteran healthcare dealmaking trio Alan Hartman, Richard Girling and Mark Robinson going to Centerview as it opens offices in London and San Francisco.
Hartman was Merrill's head of Americas mergers and acquisitions and global head of healthcare M&A, and Girling and Robinson were global co-heads of Merrill's healthcare investment banking group.
Hartman will work from New York, while Girling and Robinson will be senior partners in the London and San Francisco offices, respectively. Hartman joined Merrill in 1993; Girling and Robinson joined in 1998.
Following Merrill's acquisition by Bank of America Corp. (NYSE:BAC), Hartman was appointed head of Americas M&A for the combined organization, Girling was named head of the merged Europe, Middle East and Asia and Asia-Pacific healthcare practices, and Robinson became co-head of Americas healthcare investment banking.
Collectively, the trio has worked on some notable deals, including Pfizer Inc.'s (NYSE:PFE) $68 billion planned acquisition of Wyeth (NYSE:WYE), Sanofi-Synthelabo's $63 billion acquisition of Aventis, the $25 billion leveraged buyout of Alliance Boots plc, AstraZeneca plc's (NYSE:AZN) $15 billion acquisition of MedImmune, Idec Pharmaceuticals in its $6 billion merger with Biogen and Boston Scientific Corp.'s (NYSE:BSX) $25 billion acquisition of Guidant Corp.
A Wall Street Journal reporter picked up this
nugget from Centerview co-founder Blair Effron, who said, "It's been fun going back to a style of investment banking that a lot of us grew up in. Changes in the industry mean we're able to recruit more of the best talent." -
Baz Hiralal
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