RBC Hires Biotech Research Heads, Expands Health Banking TeamBy
Chang, Kovacs to join health investment banking group
Abrahams, MacKay to lead biotech research group at bank
RBC Capital Markets has hired new co-heads of biotechnology research and added two managing directors to its growing health-care investment banking team.
Brian Abrahams and Kennen MacKay will lead the biotechnology research division, following the departure of former RBC biotech research head Michael Yee. Abrahams is joining from Jefferies, and MacKay was an analyst at Credit Suisse.
Meanwhile, Nate Chang and Shane Kovacs will join RBC’s U.S. health-care investment banking group as managing directors. Chang previously was the head of West Coast health-care banking at Credit Suisse, and Kovacs last week resigned from his role as chief financial officer at biotechnology drugmaker PTC Therapeutics Inc., which announced he would be joining the bank. Before working at PTC, Kovacs was also a banker at Credit Suisse.
The changes were confirmed by Lauren Hopkinson, a spokeswoman for Toronto-based RBC.
Chang and Kovacs will report to Rob Steininger, who was hired in 2014 to build up the bank’s U.S. health-care investment banking group. Including the new hires, the team will have 38 bankers. Last year, it was joint bookrunner on Pfizer Inc.’s $6 billion debt offering and advised Jazz Pharmaceuticals Plc on its $1.5 billion acquisition of Celator Pharmaceuticals Inc.
RBC has also hired George Hill, an analyst from Deutsche Bank, to cover research on health-care technology, distribution, contract research and manufacturing.