Healthcare
Drug makers, hospitals, medical device companies and the services around them.
You're walking into a sector where 2023 global M&A hit $126B. London healthcare teams, at the bulge brackets and at the specialist healthcare boutiques that punch above their size here, cover the full stack, Big Pharma, Specialty Pharma, Biotech, MedTech, Healthcare Services, Life Sciences Tools, CROs/CDMOs, Animal Health, Consumer Health, and Genomics. Expect deals across pharma M&A, biotech licensing, MedTech bolt-ons, PE services roll-ups, biotech IPOs, and clinical trial consolidation.
The work centres on quantifying patent cliffs, revenue at risk and erosion curves, since small molecules lose 70-90% in two years post-LOE and biosimilars 30-50%. On the pipeline, you'll probability-weight assets by stage (Phase III around 55-60%) and build rNPV using peak sales, time to market, and 10-12% discount rates for pharma, 12-15% for biotech. MedTech and Life Sciences Tools get valued on recurring revenue ratios, razor/blade models where consumables drive premiums of 15-25x and 20-30x EV/EBITDA. Services trades 8-15x, Big Pharma 12-16x, Biotech on rNPV only.
Stress-test reimbursement, NICE at £30K per QALY, NHS tariff cuts, IRA price negotiation. Clinical and regulatory binary events move stocks 50%+. PE arbitrages fragmented services at 6-10x entry into 12-18x exit. Know subsector metrics cold.
Open jobs
| Job | Firm | Level | Stage | Posted |
|---|---|---|---|---|
| Investment banking · Healthcare |  Citigroup | Placement starts Feb 2027 | Recent graduates | Yesterday |
| Investment banking · Healthcare |  Evercore | Associate | 3+ years | 13 days |
| Investment banking · Healthcare |  William Blair | Associate | 3+ years | 5 weeks |
| Asset management · Healthcare / Equities |  Dartmouth Partners | Analyst | 5+ years | 7 weeks |
| Research · Healthcare / Credit |  Fitch Ratings | Analyst | 5+ years | 2 months |