US Mid-Market Equity House for Third Consecutive Year: Cowen
Biotech bullseye:
Covid-19 indelibly changed the US ECM landscape in 2020. With its market-leading biotech franchise and efforts in related sectors enabling it to crack the top 10 in US ECM, Cowen is IFR’s US Mid-Market Equity House of the Year.
US Mid-Market Equity House
In a year when innovation in healthcare made headlines more than ever before, Cowen’s leading position in the already booming sector paid huge dividends and saw it outmuscle even bulge-bracket firms as it broke into the top 10 in the US.
Cowen earned league table credit of US$7bn as a bookrunner on 113 deals during the IFR Awards period for a ninth-place finish in the US common stock league table, rising two spaces from the previous year.
The bank worked on transactions that raised over US$10bn for healthcare names including biotechs and medical device makers. On biotech IPOs, Cowen was a bookrunner on 25 floats totalling US$1.9bn, second by volume behind only Jefferies and more than heavyweights JP Morgan, Goldman Sachs and Morgan Stanley.
The healthcare sector has always been central to Cowen, whose more than 50 analysts cover 800 companies across eight industry verticals.
“Our biotech fee stream has never been higher,” said Grant Miller, Cowen’s head of capital markets. “We have taken steps to become less dependent on biotech, but it is still the biggest part of what we do.” [excerpt from IFR’s announcement]