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Annual US-listed Healthcare ECM Issuance

After suffering a fall last year, US-listed healthcare ECM deals have recovered in 2017 YTD.

A fit and active year for healthcare

Healthcare seems to be a fixture in the news, with topics ranging from legislation and drug prices to the latest treatments. However, all the coverage has not necessarily translated into an active equity market. Over the past 5 YTD periods, healthcare filings on US exchanges have hovered around a similar level, with the exception of a spike in 2015 YTD.

In a banner year for healthcare, 2015 YTD saw $65.7bn via 343 listings on US exchanges. Volume that year was led by simultaneous offerings from generic drug manufacturer Actavis, consisting of convertible preferred and common stock for a combined $7.3bn. Unfortunately, the momentum did not last and 2016 YTD had a precipitous year-on-year fall, down to $29.2bn via 232 deals—the lowest volume in the past 5 YTD periods. Since then, such listings have recovered to $38.5bn this YTD, and activity bounced back to 319 deals, only 24 short of 2015 YTD activity.

Playing favorites with exchanges

When it comes to exchanges, the NASDAQ has been heavily favored by healthcare-related companies, pricing 1,250 listings the last five YTD periods. Over the same period, the New York Stock Exchange came in second with 93 deals and the recently renamed NYSE American is third with 73.


US Healthcare ECM Activity by Bookrunner – Aggregate 2013 YTD to 2017 YTD
Pos. Bookrunner Volume Deals Vol. Share
1 JPMorgan $28.7bn 249 13.9%
2 Jefferies $12.2bn 233 5.9%
3 Cowen $8.6bn 214 4.2%
4 Leerink Partners $9.4bn 187 4.6%
5 Bank of America Merrill Lynch $19.1bn 171 9.3%
6 Piper $5.8bn 152 2.8%
7 Morgan Stanley $18bn 147 8.8%
8 Citi $14.1bn 136 6.9%
9 Goldman Sachs $20bn 132 9.7%
10 Credit Suisse $9bn 115 4.7%












Banks with the healthiest volume

JPMorgan led with the most deals and the highest volume over the last 5 YTD periods, pricing 249 listings worth $28.7bn, more than double over their nearest competitor. By volume over the same periods, Goldman Sachs came second with $20bn via 132 deals, followed by Bank of America Merrill Lynch with $19.1bn raised through 171 deals.

Looking at 2017 YTD only, Cowen led activity with 53 deals, followed by JPMorgan with 52. However, JPMorgan is still on top with a total volume of $4.7bn.

-Written by Laura Molina, Dealogic Research


Data source: Dealogic, as of December 11, 2017

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