Cowen Healthcare Investments

What Cowen Healthcare Investments does

Cowen Healthcare Investments is a financial services franchise focused on healthcare and life sciences investment banking and asset management, originally founded in 2016 and headquartered in New York. The firm provides capital markets solutions, M&A advisory, equity research, and strategic advisory services to healthcare companies, operating today as TD Cowen — the healthcare and life sciences division of TD Securities Inc., which is itself a subsidiary of The Toronto-Dominion Bank (TD Bank Group), one of Canada's largest banks listed on the Toronto Stock Exchange (TSX: TD). Kevin Raidy serves as Managing Partner of the franchise.

The company's core offering centers on professional services revenue generated through investment banking engagements, including capital raising, M&A advisory, and equity research distribution. It does not maintain a proprietary technology platform; rather, its value is delivered through senior banker expertise, institutional relationships, and the distribution infrastructure of TD Securities. The firm reaches clients via direct enterprise field sales, supplemented by thought-leadership channels such as the TD Cowen Insights Podcast, annual Research Themes Reports, dedicated Health Care Industry Coverage, and media engagement.

The franchise is vertically specialized in the healthcare and life sciences sector, serving enterprise clients including corporations, financial sponsors, and institutional investors across North America (Canada, United States) and Asia Pacific (Japan). Operating as a division of a major Canadian bank provides access to global institutional distribution, regulated capital markets infrastructure, and cross-border deal capabilities, but also means Cowen Healthcare Investments does not operate as an independent standalone entity with separately disclosed financials.

Name

Cowen Healthcare Investments

Legal name

TD Securities Inc.

Website

https://cowen.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Short description

Cowen Healthcare Investments is the healthcare and life sciences investment banking division of TD Securities (operating as TD Cowen), providing M&A advisory, capital markets, and equity research services to healthcare companies across North America and Asia Pacific.

Ownership category

akta.pro rank

Product category

Healthcare Investment Banking

NAICS

Portfolio Management and Investment Advice (52394), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

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

akta.pro industry

PRIMARYFSAHAAAK

Equity Long/Short — Healthcare Focus

Financial & Insurance/Hedge Funds & Alternative Investments/Hedge Funds — Equity Long/Short

Keywords

• Healthcare investment banking
• M&A advisory
• Capital markets services
• Equity research
• Healthcare advisory

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Investment Banking Services: TD Cowen generates revenue through investment banking services including M&A advisory, capital markets transactions, and strategic advisory for healthcare and life sciences companies.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Cowen Healthcare Investments, operating as TD Cowen, provides investment banking services to healthcare and life sciences companies. Its core offerings include M&A advisory, capital markets transactions (equity and debt financing), equity research coverage, and strategic advisory tailored to the healthcare sector. The practice leverages TD Securities' institutional platform to deliver full-service investment banking to corporate healthcare clients.

Differentiator

Problem solved

Functional benefit

Products and services

• M&A Advisory Buy-side and sell-side M&A advisory services for healthcare and life sciences companies, provided as part of TD Cowen / TD Securities' corporate and investment banking offering.
• Capital Markets Services Equity and debt capital markets execution and underwriting for healthcare issuers, leveraging TD Securities' institutional platform.
• Equity Research Healthcare and life sciences equity research coverage distributed to institutional clients and investors through TD Securities' research platform.
• Strategic Advisory Strategic consulting and advisory services for healthcare companies seeking transaction and corporate finance guidance.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators1 record

Recent moves4 records

Expansion highlights3 records

Direct peers

• Jefferies Healthcare Group: Jefferies runs a dedicated healthcare investment banking and equity research franchise with deep vertical specialization across biotech, medtech, and healthcare services. It competes head-to-head with TD Cowen for mid-market healthcare M&A, IPOs, and follow-on mandates from the same client base.
• Guggenheim Securities Healthcare: Guggenheim Securities operates a focused healthcare investment banking practice serving biotech, pharma, and medical device clients with M&A advisory and capital markets services. Like TD Cowen, it is a mid-market-focused healthcare specialist rather than a bulge-bracket full-service bank.
• Piper Sandler Healthcare: Piper Sandler has a long-standing healthcare investment banking franchise covering medical devices, diagnostics, and healthcare services. It is directly comparable to TD Cowen in target client (growth-stage healthcare companies), deal size focus, and service mix.
• Cantor Fitzgerald Healthcare: Cantor Fitzgerald operates a healthcare investment banking practice with strong biotech and specialty pharma coverage. It competes directly with TD Cowen for healthcare M&A advisory and capital markets mandates, with comparable mid-market positioning.
• SVB Securities (First Citizens): SVB Securities — now part of First Citizens following the Silicon Valley Bank acquisition — has a leading healthcare investment banking franchise focused on life sciences tools, diagnostics, and biotech. It is directly comparable to TD Cowen's healthcare vertical in client type and service offering.
• OrbiMed Advisors: OrbiMed is a dedicated healthcare-focused investment firm managing public and private healthcare equity strategies. It represents the purest direct peer for the Cowen Healthcare Investments alternative investment product in terms of healthcare-only investment mandate.

Emerging players

• Centerview Partners: Centerview Partners has built a leading healthcare M&A advisory practice alongside its broader consumer and technology coverage. It competes with TD Cowen on premium healthcare M&A mandates, though its franchise is broader than pure-play healthcare.

Broad incumbents

• Goldman Sachs Healthcare Investment Banking: Goldman Sachs' Global Healthcare Group is the bulge-bracket leader in healthcare M&A and equity capital markets. It competes with TD Cowen on large-cap healthcare deals and sets the league-table standard the firm benchmarks against.
• JP Morgan Healthcare Investment Banking: JP Morgan runs one of the largest healthcare investment banking franchises globally, covering biopharma, medical devices, and healthcare services. It competes with TD Cowen across the healthcare M&A spectrum and represents the dominant bulge-bracket alternative.
• Lazard Healthcare: Lazard operates a dedicated healthcare M&A advisory practice as part of its broader financial advisory franchise. It is directly comparable to TD Cowen's healthcare advisory work but operates at a higher average deal size and broader sector scope.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/tdsecurities

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments80 records

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

Frequently asked questions about Cowen Healthcare Investments