Credit Suisse AG hired a new head of its health-care mergers and acquisitions business, naming former Lazard Ltd. managing director Rajesh Alva to the role, as it continues to add bankers to the group.
The hiring of Alva, 41, was announced in a Credit Suisse memo confirmed by Duncan King, a spokesman for the bank. Alva left Lazard in May after 15 years with the firm, including the last seven years as managing director and head of the medical-technology group. He’ll be based in New York.
Credit Suisse, based in Zurich, is second in global health-care deals this year at about $42 billion, behind Goldman Sachs Group Inc., according to Bloomberg data. It added Eric Hecht, a former health-care equity analyst and adviser, as a managing director in October. In September, Credit Suisse hired former Morgan Stanley managing director Charles Newton as head of biotechnology investment banking.
Credit Suisse is working on the largest health-care deal of the year, advising Genzyme Corp. on the more-than $18 billion offer it received in August from Sanofi-Aventis SA. Genzyme rejected the offer, calling the $69-per-share bid too low.
At Lazard, Alva advised on Thermo Electron Corp.’s purchase of Fisher Scientific for $12.8 billion in 2006 to form the world’s largest lab-instruments maker. He worked with Abbott Laboratories on its $4.3 billion acquisition of Guidant Corp.’s heart-stent business in 2006, and catheter maker Arrow International Inc. on its $2 billion sale to Teleflex Inc. in 2007. He assisted on the $480 million sale of medical-device maker Micrus Endovascular Corp. to Johnson & Johnson this year.
Alva, who started his career at Kidder Peabody & Co. as an analyst, will report to Andy Lipsky, head of Americas mergers and acquisitions for Credit Suisse. He’s among executives and bankers to leave Lazard following the death of CEO Bruce Wasserstein.