We use cookies to provide you a better experience. By continuing to use this website, you consent to the use of cookies in accordance with our Cookie Policy.

Healthcare

Delivering solutions in M&A, Capital Raising, and Restructuring

Healthcare Investment Banking Group

Finding financial solutions across every sector of the healthcare ecosystem.

A full-service healthcare investment banking practice offering a best-in-class combination of deep sector knowledge, strong industry relationships, and broad product expertise.

Stifel’s Global Healthcare Investment Banking Group is comprised of 47 professionals covering all segments of the healthcare industry. The team, located in New York, San Francisco, London, Toronto, and Montreal, has substantial experience in assisting companies with all types of financing and M&A assignments. The Global Healthcare Group is dedicated to building long-term relationships with its clients through senior level attention. Since the formation of the Global Healthcare Group in Q4 2010, the team have helped raise over $79.1 billion for over 225 healthcare companies in over 440 transactions. Over the same period, members of the Global Healthcare Group have advised on over 105 announced M&A transactions, including over 30 cross-border assignments.

Our team provides clients with strategic advisory and capital-raising services designed to support growth companies and their investors during all stages of their development. We offer equity and debt capital markets services, including book running leading IPOs, follow-ons, and convertible note issuances. The Global Healthcare Group is supported by M&A advisory with extensive cross-border expertise, access to private capital markets through SPACs and 144A solutions, as well as activism defense and restructuring.

Areas of Expertise

Biopharma

The biopharma sector is advancing at an unprecedented pace, driven by innovation and growth from small to large companies across all stages of development and therapeutic areas. Stifel’s Biopharma team is uniquely positioned to serve the needs of our clients in all types of financing and M&A assignments via our deep understanding of the biopharma landscape, and our extensive relationships and transaction experience.

Healthcare Services

The healthcare services landscape is constantly shifting, driven by changes in regulations, reimbursement, and advancements in technology. Stifel’s Healthcare Services Team works to stay abreast of these changes and is ideally positioned to serve the needs of our clients in all types of financing and M&A assignments via relationships, recent mandates, and years of thought leadership across a broad range of healthcare sub-sectors including Alternate Site, Behavioral Health, Payor Services, Pharma Services, and Physician Groups.

HealthTech

Technologies are rapidly advancing the automation of workflows across the healthcare ecosystem, the development and efficacy of treatments, and the way in which care is provided in-person and remotely.  Stifel’s Healthcare Technology team brings a wealth of M&A and financing experience advising companies delivering software, digital health, data-driven, and technology-enabled solutions to providers, payors, pharmaceutical companies, and patients.

Medtech

The Medtech sector is advancing at an unprecedented pace, driven by innovation and growth from small to large companies across all Medtech subsectors. Stifel’s Medtech team is uniquely positioned to serve the needs of our clients in all types of financing and M&A assignments via our deep understanding of the Medtech landscape, and our extensive relationships and transaction experience.

Tools & Diagnostics

The life science tools & diagnostics sector is transforming at amazing speeds.  Enabled by a broad array of new technologies, our ability to better understand all facets of the human genome has improved exponentially; all the while being done at greater efficiency and dramatically reduced costs. This widening knowledge set is enabling faster and more productive drug discovery, disease diagnosis and AI-enabled prognostic clinical capabilities.  Stifel’s Life Science Tools & Diagnostics team is uniquely positioned to serve the needs of our clients in all types of financing and M&A assignments via our broad domain expertise, deep understanding of the competitive landscape, and our extensive relationships and transaction experience.

The underlying fundamentals of the biopharma sector could not be more positive, in our view. Read our 2023 half year outlook for more on what’s driving the sector.

Learn More

Notable Transactions

Evolus Registered Direct

$ 50,000,000

Registered Direct
Biopharma | March 2024
Apogee Therapeutics

$ 482,999,902

Follow-on Offering
Biopharma | March 2024
Regenxbio Follow-on

$ 140,000,000

Follow-on Offering
Biopharma | March 2024
South Coast Retina_ Retina Consultants of America MA
Mergers & Acquisitions
Healthcare Services | March 2024
Avacta

£ 31,000,000

Follow-on Offering
Healthcare | March 2024
Viking Follow-on

$ 632,540,250

Follow-on Offering
Biopharma | February 2024
Dario Health

$ 34,400,000

Mergers & Acquisitions
HealthTech | February 2024
Numinus Follow-on

C$ 6,000,000

Follow-on Offering
Biopharma | February 2024
KalVista FO

$ 160,125,000

Confidentially Marketed Follow-on Offering
Biopharma | February 2024
Dyne Therapeutics

$ 345,144,000

Follow-on Offering
Biopharma | January 2024
Syndax CMO

$ 230,000,000

Confidentially Marketed Follow-on Offering
Biopharma | December 2023
Cibus Registered Direct

$ 20,300,000

Registered Direct
HealthTech | December 2023
Spyre PIPE

$ 180,000,000

PIPE
Biopharma | December 2023
Vanda_Johnson & Johnson MA

$ 100,000,000

Mergers & Acquisitions
Biopharma | December 2023
Xenon

$ 300,000,000

Confidentially Marketed Follow-on Offering
Biopharma | November 2023
M8 Pharmaceuticals_Acino
Mergers & Acquisitions
Biopharma | November 2023
Teijin_Ascendis

$ 245,000,000+

In-Licensing
Biopharma | November 2023
Medstrat_Zimmer Biomet MA
Mergers & Acquisitions
HealthTech | November 2023
Lexeo IPO

$ 111,536,216

Initial Public Offering
Biopharma | November 2023
Alphatec CMO

$ 150,150,000

Confidentially Marketed Follow-on Offering
Medtech | October 2023
Cerevel CMO

$ 517,500,000

Confidentially Marketed Follow-on Offering
Biopharma | October 2023
Biocorp

€ 154,430,010

Mergers & Acquisitions
Medtech | October 2023
Vistagen Registered Direct

$ 100,000,000

Registered Direct
Biopharma | October 2023
Immunome_Morphimmune MA

$ 90,833,010

Mergers & Acquisitions
Biopharma | October 2023
Infirst_Carlin MA
Mergers & Acquisitions
Healthcare | September 2023
Hillevax CMO

$ 115,000,000

Confidentially marketed Follow-on Offering
Biopharma | September 2023
Neumora IPO

$ 250,070,000

Initial Public Offering
Biopharma | September 2023
Acumen FO

$ 130,000,000

Follow-on Offering
Biopharma | July 2023
Apogee IPO

$ 345,057,500

Initial Public Offering
Biopharma | July 2023
Kooth Follow-on

£ 10,000,000

Equity Placing
Healthcare | July 2023
IGM Biosciences

$ 120,000,000

Confidentially Marketed Follow-on Offering
Biopharma | June 2023
Disc Medicine Follow-on

$ 137,200,000

Follow-on Offering
Biopharma | June 2023
Tricida Chapter 11

$ 200,000,000

Chapter 11 Restructuring
Biopharma | June 2023
30 Technology_Convatec MA

£ 176,000,000

Mergers & Acquisitions
Medtech | April 2023
Karuna Follow-on

$ 460,000,000

Follow-on Offering
Biopharma | March 2023
Mineralys IPO

$ 220,800,000

Initial Public Offering
Biopharma | February 2023
Renalytix PIPE

$ 20,300,000

PIPE
Healthcare | February 2023
Treace Medical CMO

$ 100,000,000

Confidentially Marketed Follow-on Offering
Medtech | February 2023
Geron Follow-on

$ 227,843,965

Follow-on Offering
Biopharma | January 2023
Bioassay_ReactionBiology
Mergers & Acquisitions
Healthcare | December 2022
Cutera

$ 120,000,000

Convertible Notes
Medtech | December 2022
VOR Registered Direct

$ 115,799,748

Registered Direct & PIPE
Biopharma | December 2022
X4 Pharmaceuticals

$ 65,010,000

Confidentially Marketed Follow-on Offering
Biopharma | December 2022
Unimed_ZCG
Mergers & Acquisitions
Maritime Services, Healthcare Services | December 2022
Iveric Bio CMO

$ 300,375,000

Confidentially Marketed Follow-on Offering
Biopharma | December 2022
Purigen Biosystems_Bionano

$ 64,000,000

Mergers & Acquisitions
Tools & Diagnostics | November 2022
OmniAb_Avista MA

$ 850,000,000

Mergers & Acquisitions
Biopharma | November 2022
Silkroad Follow-on

$ 115,000,000

Follow-on Offering
Medtech | October 2022
Avacta Group Convertible Bond FO

£ 64,000,000

Convertible Bond & Follow-on Offering
Healthcare Services | October 2022
Trevi CMO

$ 58,079,577

Confidentially Marketed Follow-on Offering
Biopharma | September 2022
Rhythm CMO

$ 124,800,000

Confidentially Marketed Follow-on Offering
Biopharma | September 2022
Medpharmex_Dechra MA

$ 260,000,000

Mergers & Acquisitions
Healthcare Services | August 2022
Fulcrum Therapeutics CMO

$ 84,249,986

Confidentially Marketed Follow-on Offering
Biopharma | August 2022
Orthopediatrics CMO

$ 143,893,750

Confidentially Marketed Follow-on Offering
Medtech | August 2022
Karuna Follow-on

$ 862,500,000

Follow-on Offering
Biopharma | August 2022
Invacare SSTL

$ 104,500,000

Senior Secured Term Loan
Medtech | July 2022
Invacare CN

$ 55,300,000

Exchange of Convertible Notes
Medtech | July 2022
Natus_ArchiMed MA

$ 1,200,000,000

Mergers & Acquisitions
Medtech | July 2022
Xenon CMO

$ 250,000,000

Confidentially Marketed Follow-on Offering
HealthTech | June 2022
Well Health Follow-on

C$ 34,511,565

Follow-on Offering
HealthTech | May 2022
Redex Pharma Follow-on

£ 34,261,864

Follow-on Offering
Biopharma | May 2022
PepGen

$ 108,000,000

Initial Public Offering
Biopharma | May 2022
Integra_Anthem M&A
Mergers & Acquisitions
Healthcare Services | May 2022
HilleVax IPO

$ 200,000,000

Initial Public Offering
Biopharma | April 2022
Nkarta CMO

$ 230,000,000

Confidentially Marketed Follow-on Offering
Biopharma | April 2022
Hyloris Follow-on

€ 15,000,000

Follow-on Offering
Healthcare | April 2022
Renalytix

$ 30,000,000

Convertible Bond and Equity Placing
Medtech | March 2022
IGM Follow-on 03/22

$ 230,000,000

Follow-on Offering
Biopharma | March 2022
Geron CMO 03/22

$ 75,000,000

Confidentially Marketed Follow-on Offering
Biopharma | March 2022
Dario Health Registered Direct

$ 40,000,000

Registered Direct
HealthTech | March 2022
Athenahealth Senior Notes

$ 2,350,000,000

Senior Notes
HealthTech | February 2022
Zymeworks CMO

$ 100,000,000

Confidentially Marketed Follow-on Offering
Biopharma | January 2022
Vigil IPO

$ 98,000,000

Initial Public Offering
Biopharma | January 2022
Mississippi_Retina M&A
Mergers & Acquisitions
Healthcare Services | December 2021
MEI Pharma Follow-on

$ 52,325,000

Follow-on Offering
Biopharma | December 2021
Wellhealth

C$ 65,000,000

Convertible Notes
HealthTech | November 2021
ALSP Orchid SPAC IPO

$ 172,500,000

SPAC IPO
Biopharma | November 2021
ViewRay CMO

$ 80,500,000

Confidentially Marketed Follow-on Offering
Medtech | November 2021
Prilenia Private Placement

$ 43,000,000

Private Placement
Biopharma | November 2021
908 Devices Follow-on

$ 100,800,000

Follow-on Offering
Tools & Diagnostics | November 2021
Motion_Docgo M&A

$ 158,000,000

Mergers & Acquisitions
HealthTech | November 2021
BioCare_Vistria M&A
Mergers & Acquisitions
Healthcare Services | November 2021
Spindletop IPO

$ 230,000,000

Initial Public Offering
Healthcare Services | November 2021
Sonendo IPO

$ 93,600,000

Initial Public Offering
Medtech | October 2021
Iveric Bio CMO

$ 150,750,000

Confidentially Marketed Follow-on Offering
Biopharma | October 2021
Ventripoint Follow-on

C$ 7,004,400

Follow-on Offering
Life Sciences & Healthcare | October 2021
Apollo CMO

$ 74,865,000

Confidentially Marketed Follow-on Offering
Medtech | October 2021
Xenon Follow-on Offering

$ 345,000,000

Follow-on Offering
Medtech | October 2021
Zomedica_PulseVet M&A

$ 70,900,000

Mergers & Acquisitions
Medtech | October 2021
Ekkio_LIM M&A
Mergers & Acquisitions
Medtech | October 2021
Greenbrook Follow-on

$ 13,200,000

Follow-on Offering
Healthcare Services | September 2021
Audax M&A
Mergers & Acquisitions
Medtech | September 2021
Maravai Follow-on

$ 1,000,000,000

Follow-on Offering
Biopharma | September 2021
Somalogic_CM Life SPAC Merger

$ 651,000,000

SPAC Merger
Tools & Diagnostics | September 2021
Atlas Antibodies – Afinum – SHS M&A
Mergers & Acquisitions
Biopharma | August 2021
Surrozen

$ 212,000,000

SPAC Merger & PIPE
Biopharma | August 2021
Adagio

$ 355,810,000

Initial Public Offering
Biopharma | August 2021
Rani Therapeutics IPO

$ 84,333,337

Initial Public Offering
Biopharma | July 2021
Absci IPO

$ 230,000,000

Initial Public Offering
Tools & Diagnostics | July 2021
BioAgri – DWHP M&A
Mergers & Acquisitions
Biopharma | July 2021
Gen inCode IPO

£ 17,000,000

Initial Public Offering
HealthTech | July 2021
Imago Biosciences IPO

$ 174,560,000

Initial Public Offering
Biopharma | July 2021
Rapidmicro IPO

$ 180,132,080

Initial Public Offering
Tools & Diagnostics | July 2021
LeMaitre CMO

$ 62,675,000

Confidentially Marketed Follow-on Offering
Medtech | July 2021
Iveric Bio CMO

$ 100,190,000

Confidentially Marketed Follow-on Offering
Biopharma | July 2021
Cerevel Follow-on

$ 350,000,000

Follow-on Offering
Biopharma | July 2021
Nyxoah IPO

$ 97,807,500

Initial Public Offering (U.S. Nasdaq)
Medtech | July 2021
Vetio Animal – Swedencare M&A

$ 181,500,000

Mergers & Acquisitions
Biopharma | July 2021
Acumen IPO

$ 160,000,000

Initial Public Offering
Biopharma | June 2021
GH Research IPO

$ 160,000,000

Initial Public Offering
Biopharma | June 2021
OneSpaWorld Follow-on

$ 80,000,000

Follow-on Offering
Entertainment | June 2021
RCSA M&A
Mergers & Acquisitions
Healthcare Services | June 2021
Outset Medical – Follow-on Offering

$ 366,000,000

Follow-on Offering
Medtech | April 2021
Evolus 04-2021

$ 98,325,000

Confidentially Marketed Follow-on Offering
Biopharma | April 2021
SeaSpine Holdings 04-2021

$ 100,912,500

Confidentially Marketed Follow-on Offering
Medtech | April 2021
Karuna Therapeutics Follow-on Offering

$ 287,500,000

Follow-on Offering
Biopharma | April 2021
Maravai Life Sciences 04-2021

$ 646,875,000

Follow-on Offering
Tools & Diagnostics | April 2021
Ionis Pharmaceuticals 04-2021

$ 550,000,000

Convertible Senior Notes
Biopharma | April 2021
ProQR Therapeutics 03-2021

$ 103,500,000

Confidentially Marketed Follow-on Offering
Biopharma | March 2021
Cti Biopharma 03-2021

$ 50,652,000

Confidentially Marketed Follow-on Offering
Biopharma | March 2021
Evofem Biosciences 03-2021

$ 30,000,000

Confidentially Marketed Follow-on Offering
Biopharma | March 2021
AVEO Oncology 03-2021

$ 48,000,000

Follow-on Offering
Biopharma | March 2021
PhaseBio Pharmaceuticals 03-2021

$ 56,000,000

Confidentially Marketed Follow-on Offering
Biopharma | March 2021
X4 Pharmaceuticals – PIPE

$ 55,000,000

PIPE
Biopharma | March 2021
Prometheus Biosciences 03-2021

$ 218,500,000

Initial Public Offering
Biopharma | March 2021
Xenon Pharmaceuticals 03-2021

$ 115,000,000

Confidentially Marketed Follow-on Offering
HealthTech | March 2021
Nurix Follow-on Offering

$ 160,425,000

Follow-on Offering
Biopharma | March 2021
Cutera – Convertible Notes

$ 138,250,000

Convertible Notes
Medtech | March 2021
Squadron – Alphatec M&A

$ 90,000,000

Has Invested in
Medtech | March 2021
KalVista 02-2021

$ 222,250,000

Follow-on Offering
HealthTech | February 2021
SQZ Biotechnologies 02-2021

$ 60,000,000

Follow-on Offering
HealthTech | February 2021
Centene – Senior Notes

$ 2,200,000,000

Senior Notes
Healthcare Services | February 2021
Rhythm Pharmactuticals 02-2021

$ 150,000,000

Follow-on Offering
HealthTech | February 2021
Sientra – Confidentially Marketed Follow-on Offering

$ 42,000,000

Confidentially Marketed Follow-on Offering
Medtech | February 2021
Bolt Biotherapeutics 02-2021

$ 264,500,000

Initial Public Offering
Biopharma | February 2021
Vor Biopharma 02-2021

$ 203,439,942

Initial Public Offering
Biopharma | February 2021
Angion Biomedica Corp 02-2021

$ 117,000,000

Initial Public Offering
Biopharma | February 2021
Gemini – SPAC Merger & PIPE
SPAC Merger & PIPE
Biopharma | February 2021
MaxCyte – PIPE

£ 40,000,000

PIPE
Biopharma | February 2021
Applied Genetic Technnologies 02-2021

$ 74,500,000

Confidentially Marketed Follow-on Offering
Biopharma | February 2021
DarioHealth Group 02-2021

$ 70,000,000

Private Placement
HealthTech | February 2021
Precigen 01-2021

$ 129,375,000

Confidentially Marketed Follow-on Offering
Biopharma | January 2021
Dyne Therapeutics 01-2021

$ 168,000,000

Follow-on Offering
Biopharma | January 2021
Athira Pharma 01-2021

$ 103,500,000

Follow-on Offering
Biopharma | January 2021
AdaptHealth Crop 01-2021

$ 264,000,000

Follow-on Offering
Healthcare Services | January 2021
AbCellera Biologics 12-2020

$ 555,450,000

Initial Public Offering
Biopharma | December 2020
908 Devices 12-2020

$ 149,500,000

Initial Public Offering
Tools & Diagnostics | December 2020
IGM Biosciences 12-2020

$ 200,000,000

Follow-on Offering
Biopharma | December 2020
Kura Oncology 12-2020

$ 345,080,500

Follow-on Offering
Biopharma | December 2020
Repligen 12-2020

$ 312,225,000

Follow-on Offering
Tools & Diagnostics | December 2020
Codexis 12-2020

$ 750,000,000

Follow-on Offering
Tools & Diagnostics | December 2020
Silverback Therapeutics 12-2020

$ 277,725,000

Initial Public Offering
Biopharma | December 2020
Maravai Life Science, Inc. 11-2020

$ 1,863,000,000

Initial Public Offering
Tools & Diagnostics | November 2020
SQZ Biotechnologies 11-2020

$ 81,176,464

Initial Public Offering
Biopharma | November 2020
Lux Health Tech Acquisition Corp. 10-2020

$ 345,000,000

Initial Public Offering
Medtech | October 2020
Eucrates Biomedical 10-2020

$ 104,796,260

Initial Public Offering
Medtech | October 2020
Ionis/Akcea 10-2020

$ 1,898,938,296

Mergers & Acquisitions
Biopharma | October 2020
Pulmonx Corporation 10-2020

$ 2,128,500,000

Initial Public Offering
Medtech | October 2020
Zogenix 09-2020

$ 200,000,000

Convertible Notes
Biopharma | September 2020
Athira Pharma 09-2020

$ 277,761,104

Initial Public Offering
Biopharma | September 2020
Dyne Therapeutics 09-2020

$ 267,696,966

Initial Public Offering
Biopharma | September 2020
Horizon Therapeutics 08-2020

$ 963,470,000

Follow-on Offering
Biopharma | August 2020
Elanco/Vetoquinol 08-2020

$ 140,000,000

Mergers & Acquisitions
Biopharma | August 2020
Elanco/Vetoquinol 08-2020

$ 140,000,000

Mergers & Acquisitions
Biopharma | August 2020
Dechra Pharmaceuticals/Elanco Animal Health Inc. 07-2020

$ 135,000,000

Mergers & Acquisitions
Biopharma | July 2020
Cerevel Therapeutics 07-2020

$ 445,000,000

PIPE
Biopharma | July 2020
Nurix Therapeutics 07-2020

$ 209,000,000

Initial Public Offering
Biopharma | July 2020
Genocea BioSciences 07-2020

$ 80,000,000

PIPE
Biopharma | July 2020
Atreca 07-2020

$ 120,000,000

Confidentially Marketed Follow-on Offering
Biopharma | July 2020
Orthopediatrics_Apifix M&A

$ 39,054,798

Mergers & Acquisitions
Medtech | April 2020
Compugen CMO

$ 79,347,051

Confidentially Marketed Follow-on Offering
Biopharma | March 2020
Moksha8

$ 125,000,000

Strategic Financing Agreement
Biopharma | February 2019
Lilly_Uniao Quimica MA
Mergers & Acquisitions
Biopharma | September 2018
Currency volume represents full credit to each underwriter. All transaction announcements appear as a matter of record only. Stifel collectively refers to Stifel, Nicolaus & Company, Incorporated and other affiliated broker-dealer subsidiaries of Stifel Financial Corp.