Credit Suisse has brought on Cory Rapkin as vice chairman of its healthcare group in the investment banking and capital markets division based in New York, per Reuters. When he takes up the role in September, Rapkin will work with David Kostel, co-head of Credit Suisse’s healthcare investment banking division, and Steve Schwartz. The pickup helps Credit Suisse fill the hole left in its healthcare group after managing directors Michael Muntner and Stuart Smith both departed for roles with boutique investment bank Centerview Partners last August.
Rapkin brings more than a decade of expertise gained while developing JP Morgan’s healthcare group. He worked on several notable deals for JP Morgan, including the sale of HealthCare Partners to DaVita for $4.42 billion in 2012, according to the PitchBook Platform. That sort of experience should come in handy for Credit Suisse, as corporate healthcare M&A in the US continues to slump over sustained political uncertainty.
Completed corporate healthcare M&A deals in the US
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With just 132 completed deals to date, this year is on pace to clock the lowest level of corporate healthcare M&A in the US so far this decade, per PitchBook data. However, it’s also an opportune moment for Rapkin to join Credit Suisse.
The investment bank has found value by advising on some sizeable cross-border M&A deals recently, not least Johnson & Johnson’s $30 billion acquisition of Actelion announced earlier this year and the $4.3 billion Akorn pickup by Fresenius announced in late April. Rapkin is the fifth senior-level healthcare hire for Credit Suisse since 2015, per Reuters.
Article by Adam Putz, PitchBook