Leerink Partners

What Leerink Partners does

Leerink Partners is a healthcare-exclusive investment bank founded in 1995 by Jeffrey A. Leerink and headquartered in Boston, Massachusetts. The firm operates as a privately held broker-dealer (Leerink Partners LLC) under holding company Leerink Intermediate Holdings LLC, following a 2023 management buyout that restored its independence from Silicon Valley Bank (where it had operated as SVB Securities from 2019 to 2023). Leerink runs three integrated business pillars — Investment Banking, Institutional Equities (Equity Research, Sales & Trading, Corporate Access), and Capital Markets (ECM, DCM, Alternative Equities) — covering Biopharma, Healthcare Services, Medical Technology, Tools & Diagnostics, and Digital Health & HealthTech for issuers ranging from growth-stage biotechs to large-cap pharmaceutical firms. Its transaction track record includes more than 280 M&A transactions representing over $74 billion in aggregate value since 2009, 500+ book-run offerings led by the Head of Equity Capital Markets including 150+ IPOs, $220 billion+ in total capital raised for clients, and market-making activity in 800+ to 1,200+ healthcare securities.

The firm's core differentiators are two proprietary assets: MEDACorp, a 20,000+ member network of independent healthcare professionals (physicians, clinicians, PhDs, regulatory and reimbursement experts) that feeds both equity research and investment banking due diligence, and the Leerink Center for Pharmacoeconomics (CPE), an in-house health economics group that produces value-anchored pricing models and policy commentary. Distribution to institutional investors is supported by a Corporate Access function that arranges 7,500+ investor interactions annually and equity research coverage of 280+ companies across targeted oncology, immuno-oncology, genetic medicines, neuroscience, rare diseases, medical devices, and other sub-sectors. The firm maintains eight offices across the United States plus a newly launched London office (June 2025) operated as Leerink Partners UK Limited, its first international location. Revenue is generated through transaction-based fees (advisory, underwriting, sales & trading commissions), research and corporate access distribution, and MEDACorp/CPE advisory engagements; pricing is negotiated per engagement and not publicly disclosed.

Name

Leerink Partners

Legal name

Leerink Partners LLC

Website

https://leerink.com

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

251–500 employees

Short description

Leerink Partners is a privately held, healthcare-exclusive investment bank founded in 1995 that provides investment banking advisory, equity and debt capital markets execution, institutional equities sales and trading, and equity research to biopharma, healthcare services, MedTech, tools & diagnostics, and digital health clients across the U.S. and Europe.

Ownership category

akta.pro rank

Product category

Healthcare Investment Banking

NAICS

Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Industry-Specialist / Sector-Focused M&A Advisory (FSAEAGAJ)

akta.pro secondary industries

Buy-Side M&A Advisory (FSAEAGAB), M&A Advisory (Buy-side/Sell-side) (BPAHADAC)

Keywords

• Healthcare investment banking
• Biopharma capital markets
• Institutional equity research
• Medical technology advisory
• Healthcare M&A advisory

Headquarters

HQ city

Boston

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Marketing or Sales, Technology or R&D, Infrastructure, Operations

Revenue model

1. Investment Banking Advisory Fees: M&A advisory fees from buy-side and sell-side M&A, partnerships, joint ventures, and divestitures such as corporate carve-outs; since 2009 completed more than 280 M&A transactions representing over $74 billion in aggregate value. Includes Healthcare M&A advisory, Biopharma M&A, and Financial Sponsors coverage.
2. Equity & Debt Capital Markets Underwriting Fees: Underwriting and placement fees from IPOs, publicly & confidentially marketed follow-on offerings, At-the-Market (ATM) transactions, private placements of equity, convertible debt, term loan debt facilities, royalty interest facilities, and royalty monetization transactions. Rahul Chaudhary has led more than 500 book run offerings including more than 150 IPOs.
3. Institutional Equities Sales & Trading Commissions: High-touch trading commissions and spreads across equities, derivatives, and convertibles. Market makers in 800+ to 1,200+ healthcare securities; ranked top partner to buyside for execution expertise, market intelligence, and solution-oriented approach. Includes Equity Sales, Equity Trading, Derivatives Trading, and Convertible Securities.
4. Corporate Access and Research Subscriptions: Corporate Access and equity research distribution to institutional investors; arranged over 7,500 interactions annually through non-deal roadshows, specialty group meetings, site visits, and sector-focused conferences. Research coverage of 280+ healthcare companies.
5. MEDACorp and CPE Advisory Services: Fees from MEDACorp and the Center for Pharmacoeconomics engagements providing strategic insight, due diligence, health economic evaluations, and advisory services to clients.

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels7 records

Core offering

Leerink Partners is a healthcare-dedicated investment bank providing M&A advisory, equity and debt capital markets underwriting, institutional equity sales & trading, equity research, corporate access, and proprietary expert-network advisory (MEDACorp and the Center for Pharmacoeconomics). Services are delivered exclusively to healthcare companies (biopharma, healthcare services, MedTech, tools & diagnostics, digital health) and institutional investors, with senior bankers leading engagements from origination to closing.

Product overview

Leerink Partners is a single, integrated healthcare-focused investment bank rather than a SaaS platform-plus-modules product. Its offering is a unified service franchise comprising three core pillars: (1) Investment Banking — sector-specialized advisory and capital-raising coverage across Biopharma, Digital Health & HealthTech, Healthcare Services, Medical Technology, and Tools & Diagnostics; (2) Institutional Equities — combining Equity Research, Sales & Trading, and Corporate Access for buy-side clients; and (3) Capital Markets — execution of Equity Capital Markets, Debt Capital Markets, and Alternative Equities transactions. Two proprietary capabilities sit alongside these pillars as differentiated intelligence assets: MEDACorp, an in-house healthcare expert network that powers proprietary consultations feeding research and deal workflows, and the Center for Pharmacoeconomics (CPE), an in-house pharmacoeconomics research capability supporting economic-model and reimbursement analysis. Editorial output (Insights) and a recently established London office extend the franchise geographically and in client-facing content.

Differentiator

Problem solved

Functional benefit

Brands

• MEDACorp: A strategic resource offering real-time insight and perspective on the evolution of healthcare; a global network of over 20,000 independent healthcare professionals that supports Leerink Partners' Equity Research and Investment Banking offerings.
• Leerink Center for Pharmacoeconomics (CPE)
• Leerink Corporate Access

Products and services

• Investment Banking Advisory and capital-raising services for healthcare companies across Biopharma, Healthcare Services, MedTech, Tools & Diagnostics, and Digital Health. Includes M&A advisory, equity and debt financings, and strategic advisory engagements.
• Capital Markets Underwriting and bookrunning services for healthcare issuers across equity, debt, and alternative equity offerings, including IPOs, follow-ons, convertibles, ATM transactions, PIPEs, and royalty monetization.
• Institutional Equities Institutional brokerage platform comprising Equity Research, Sales & Trading, and Corporate Access, providing healthcare-focused research coverage and trade execution to institutional investor clients.
• Equity Capital Markets Execution of equity financings for healthcare companies, including IPOs, follow-on offerings, and block trades, as bookrunner or co-manager.
• Debt Capital Markets Execution of debt financings for healthcare companies, including investment-grade and high-yield debt offerings, convertible notes, term loan debt facilities, and structured financings.
• Alternative Equities Alternative equity solutions for healthcare issuers, including At-the-Market (ATM) offerings, Private Investments in Public Equity (PIPEs), registered directs, and other structured equity products.
• MEDACorp Proprietary global network of over 20,000 independent healthcare professionals (physicians, clinicians, PhDs, regulatory and reimbursement experts) providing real-time insight and perspective on the evolution of healthcare; supports Leerink's Equity Research and Investment Banking offerings through compliant expert consultations.
• Center for Pharmacoeconomics (CPE) Division of MEDACorp that conducts health economic evaluations for novel healthcare treatments, considering healthcare costs, health benefits, and broader impacts on patients and society. Builds value-anchored launch price models across various cost-effectiveness frameworks; produces podcasts, newsletters, and commentary on drug pricing and innovation incentives.
• Insights (Research & Content) Editorial platform publishing healthcare industry research, podcasts, articles, and thought-leadership content for institutional investors and corporate clients.

Quantifiable outcome

• 1,500+ transactions completed since inception
• +9 more outcomes

Named customers37 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered senior hire / oncology research, counterparty to client deal, senior hire / trading & execution, senior advisor and founding/ownership.

• Asthika Goonewardenesenior hire / oncology researchStrategic or Co-development Partner · 22 June 2026Joined Leerink Partners as Senior Managing Director and Senior Research Analyst covering Oncology, based in Miami office; reports to Jim Kelly, Director of Equity Research. Previously a Managing Director and Senior Biotechnology Analyst at Truist Securities, prior to which Senior Biotechnology Analyst at Bloomberg Intelligence.
• Freeman Health Systemcounterparty to client dealStrategic or Co-development Partner · 5 March 2026Buyer in Leerink-advised $110 million sale of four Arkansas hospitals from Community Health Systems, Inc. closed June 1, 2026. Leerink Partners acted as exclusive financial advisor to Community Health Systems.
• Timothy Michelsenior hire / trading & executionStrategic or Co-development Partner · 18 November 2025Joined Leerink Partners as Senior Managing Director, Trading and Execution based in New York. More than three decades of equity markets experience; previously Managing Director and Co-Head of Trading at LifeSci Capital, and held roles at Credit Suisse, Donaldson, Lufkin & Jenrette, Paine Webber, and Kidder Peabody.
• Stephen Sandssenior advisorStrategic or Co-development Partner · 24 June 2025Appointed as Senior Advisor to Leerink Partners in March 2026, advising leadership on strategic initiatives, long-term growth priorities, and exploration of complementary business activities. Former Chairman of the Global Healthcare Group and Vice Chairman of Investment Banking at Lazard; currently board member of Bicycle Therapeutics and Recordati.
• Lee Leerink (founder lineage)founding/ownershipOthers · 24 June 2025Leerink Partners UK Limited launched London office in June 2025 marking international expansion. The firm was founded in 1995 by Jeffrey A. Leerink, who has served as Chairman and CEO. In 2019, sold to Silicon Valley Bank (served as CEO of SVB Securities until 2023); in 2023 led a management buyout to restore independence.

Scale indicators13 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Jefferies Financial Group: Jefferies has a long-standing dedicated healthcare investment banking group that directly competes with Leerink across biopharma, healthcare services, and MedTech. Jefferies is a frequent co-bookrunner partner on Leerink-led deals (e.g., Definium Therapeutics, Kailera, Inventiva), making it the closest comparable in mandate scope and execution style.
• Guggenheim Securities: Guggenheim operates a focused healthcare investment banking and equity research franchise across biopharma, MedTech, and healthcare services. Many former Leerink M&A bankers (Jason Truman, Robert Minear, Michael Lindenberg) joined from Guggenheim, and it is a frequent joint bookrunner on Leerink-led transactions (e.g., uniQure, MoonLake, Oruka).
• TD Cowen: TD Cowen (now part of TD Securities) operates a healthcare-focused investment banking franchise with strong ECM capabilities and biopharma coverage. It regularly co-bookruns with Leerink on transactions such as Kardigan, NervGen, Avalo, and Aura Biosciences, making it a directly comparable specialist peer.
• Piper Sandler: Piper Sandler is a leading middle-market investment bank with substantial dedicated healthcare coverage across services, MedTech, and biopharma. It is a frequent joint bookrunner on Leerink deals (e.g., Avalo Therapeutics) and shares a similar mid-market healthcare specialization focus.
• Stifel Financial: Stifel has a growing healthcare investment banking franchise spanning biopharma capital markets and healthcare services M&A. It co-bookruns regularly with Leerink (e.g., uniQure, Definium, Oruka, Tango, Seaport Therapeutics), making it a directly relevant peer with overlapping execution and origination capabilities.
• Cantor Fitzgerald: Cantor Fitzgerald operates a dedicated healthcare investment banking franchise with strong small/mid-cap biopharma ECM capabilities and active healthcare equity research. It is a frequent joint bookrunner with Leerink (e.g., MoonLake, Pharvaris, Tango) and competes directly for similar mandates.
• H.C. Wainwright & Co. H.C. Wainwright is a healthcare-focused investment bank with strong small-cap biopharma and life sciences franchise. It is a direct competitor for healthcare ECM mandates and alternative equities (ATM offerings), and Peter Fry (Leerink's Head of Alternative Equities) was previously Head of Alternative Equities at H.C. Wainwright.
• LifeSci Capital: LifeSci Capital is a healthcare-dedicated investment bank with strong biopharma and life sciences ECM and advisory capabilities. It co-bookruns with Leerink on transactions like MoonLake, and competes for similar sub-$500M healthcare ECM mandates where specialist execution is prized over bulge-bracket scale.

Broad incumbents

• Goldman Sachs Healthcare IB: Goldman Sachs operates a global healthcare investment banking franchise that frequently co-bookruns with Leerink on flagship transactions (e.g., Oruka Therapeutics). As a bulge-bracket incumbent with broader sector coverage, it competes with Leerink on larger mandates while offering more diversified capabilities.
• Lazard Healthcare Group: Lazard has a long-established healthcare M&A advisory practice; Stephen Sands (now Leerink Senior Advisor) and Eric Stewart (now Leerink's European M&A head) both came from Lazard. As a broad incumbent with cross-sector capabilities, Lazard is a relevant competitive reference, especially for larger healthcare M&A mandates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/15972
• Xx.com/Leerink

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments23 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Leerink Partners