Healthcare Mergers & Acquisitions and Financing Panel

 
 

“Consolidation Trends and Financing Market for Life Sciences and Healthcare Services”

  • ModeratorStuart Smith '84, Managing Director and Global Head of Healthcare, Credit-Suisse
  • Paul Clancy '87, Executive Vice President and Chief Financial Officer, Biogen Idec
  • Jay Galeota, Chief Strategy & Business Development Officer, President, Emerging Businesses, Merck & Co., Inc.
  • Sooin Kwon '01, Managing Director, MTS Health Partners
  • Matthew McAskin '04 (EMBA), Senior Managing Director, Evercore Partners

SAMPLE ISSUES

  • Reasons for consolidation activity of pharma and medical device companies, including unique integration challenges. Will increased focus on tax inversion deals continue?
  • What diversification/growth strategies are being pursued by major payers through use of M&A, joint ventures and partnerships?
  • Will we continue to see hospital mergers to gain scale and competitive advantage – what other acquisition targets will hospitals pursue?
  • What is the current antitrust environment in healthcare dealmaking?
  • What is the current state of the IPO and financing market for early-stage healthcare and life science companies?
  • Role, focus, and impact of private equity firms in healthcare dealmaking

 

Stuart Smith '84
Co-Head and Managing Director of Healthcare Investment Banking
Credit-Suisse

Stuart F. Smith is a Managing Director of Credit Suisse in the Investment Banking division, based in New York. He is Global Head of Health Care within the Investment Banking Department.

Stuart joined Credit Suisse First Boston in 1999 from Alex. Brown & Sons and its successor firms, where he was a Managing Director. He has been involved in structuring numerous M&A transactions as well as effecting financings for clients across all sectors of the health care industry including: Aetna, Community Health, Express Scripts, Genzyme, LabCorp, WellPoint and Zimmer.

Stuart received an M.B.A. from the Columbia Business School, a J.D. from the University of Connecticut School of Law and a B.S. from Franklin and Marshall College.

Paul Clancy '87
Executive Vice President & Chief Financial Officer
Biogen Idec

Paul J. Clancy is the Executive Vice President and Chief Financial Officer at Biogen Idec and has served in these positions since August 2007. Mr. Clancy has also served as Senior Vice President of Finance and Vice President of Business Planning at Biogen Idec. Prior to the merger, Mr. Clancy had served as Vice President of Portfolio Management at Biogen Inc. since 2003. He joined the company in 2001 as Vice President, US Marketing. Before joining Biogen, Mr. Clancy spent 13 years at PepsiCo, serving in a range of financial and general management positions including most recently Vice President and General Manager of their Great West Business Unit. Mr. Clancy holds a Bachelor of Science degree in Finance from Babson College and a Master of Business Administration degree from Columbia Business School.

Jay Galeota
Chief Strategy & Business Development Officer, President, Emerging Businesses
Merck & Co., Inc.

 

Jay Galeota is chief strategy and business development officer of Merck and president of Merck’s Emerging Businesses unit. He is responsible for ensuring that the strategic vision for and direction of the enterprise is sound, well-articulated, widely understood, committed to and executed across all parts of the Company, leading enterprise-wide Business Development activity for the Company, and identifying new creative ways to enable growth outside of Merck’s core through Merck’s Emerging Business group, which includes the Global Health Innovation venture fund and Merck’s Healthcare Services and Solutions business, and all operating companies within it. He serves as Chair of Merck’s Corporate Business Development Committee, is a member of the Human Health Product Approval Committee (HHPAC), and partner with the Pharmaceutical and Vaccines Operating Committee (PVOC) and Executive Committee (EC) of the Company. 

Most recently, Mr. Galeota was president of the Hospital & Specialty Care customer business line for Merck Global Human Health (GHH), which included Merck’s business in immunology, hepatitis, HIV, antibiotics, antifungals, thrombosis, anesthesia, antiarrhythmia, neuroscience and ophthalmology, and represented more than $8.3 billion in worldwide revenues for Merck. 

In his more than 25 years in the pharmaceutical industry, Mr. Galeota has held many diverse positions across business development, strategy, innovation and commercial operations, both globally and in the US. Prior to leading the Hospital & Specialty Care business, he served as senior vice president of GHH strategy and business development, overseeing the creation of a new commercial business development function for GHH. In this role, he also helped establish Merck's Global Health Innovation Fund and an innovative venture group to incubate businesses that broaden Merck’s portfolio and establish leadership in key therapeutic areas and markets. 

After the merger of Merck and Schering-Plough in 2009, Mr. Galeota led the integration of the global pharmaceutical and vaccine businesses. Prior to that, he held various leadership positions in Merck’s commercial organization, including senior vice president and general manager of diabetes and obesity, vice president of worldwide marketing for atherosclerosis and diabetes, and general manager of the global commercialization team for JANUVIA, where he led the launches of JANUVIA and JANUMET. He has led numerous brands and key product launches across important therapeutic areas for Merck, including diabetes, obesity, cholesterol, high blood pressure, osteoporosis and gastroenterology. 

Mr. Galeota holds a Bachelor of Science degree in biology from Villanova University and is a graduate of Harvard Business School's Advanced Management Program. 

He currently serves on the boards of JFK Health System, Inc., Global Health Innovation Fund LLC, the New Jersey Symphony Orchestra, and the Metuchen Edison Woodbridge YMCA and is Honorary Commander of the United States Air Force 113th Fighter Operations Group, DCANG, Joint Base Andrews, MD. 

Mr. Galeota currently resides in New Jersey with his wife and three children.

Sooin Kwon '01
Managing Director
MTS Health Partners

Ms. Kwon has been in finance since graduating from Columbia Business School in 2001 at both large (100,000+ employees) and small firms (10-50 employees) and has worked primarily in equity research and investment banking.

She is currently a Managing Director in life sciences investment banking at MTS Health Partners, L.P. where she focuses on M&A transactions and privately negotiated financings for biotech, pharma, generics, diagnostics and medical device companies. She is one of eight Managing Directors in the investment banking division and leads the West Coast office. MTS Health Partners is a healthcare-focused investment banking and private equity fund with 50 team members in New York and San Francisco.

Prior to joining MTS Health Partners, Ms. Kwon was a Principal in the Healthcare Equity Capital Markets Group at Bank of America, where she advised healthcare (services, devices, life sciences) clients on public capital markets strategy and originated and executed IPOs and other public equity financing transactions.

Before Bank of America, Ms. Kwon was an equity research analyst on both the buy-side and sell-side at Merlin Biomed Asset Management and UBS, respectively. Her research coverage included a broad spectrum of U.S. and European life science companies.

Prior to business school, she was based in London working at the Equinox Group, a pharmaceutical/biotech consulting firm, focusing on market analyses and revenue forecasts for drugs in development for multi-national biotech and pharmaceutical companies.

Ms. Kwon has an MBA from the Graduate School of Business at Columbia University and a BA from Tufts University.

Matthew McAskin '04 (EMBA)
Senior Managing Director
Evercore Partners

Matthew McAskin is a Senior Managing Director of the firm's corporate advisory business. Mr. McAskin is focused on advising clients in the healthcare services sector.

Mr. McAskin was most recently a Managing Director and co-head of Healthcare Services Investment Banking at Goldman Sachs. With over 17 years of banking experience at Goldman Sachs and JPMorgan, Mr. McAskin has extensive experience advising a broad array of healthcare services companies and private equity firms, and he has advised on a number of the most recent notable transactions in the hospital, managed care, HCIT, physician services and outsourced medical services subsectors.

Mr. McAskin received his BA in Economics from the University of Michigan and received MBA degrees from Columbia Business School and London Business School.