UBS Group AG has hired three investment bankers specializing in biotechnology from RBC Capital Markets as the bank looks to expand its health-care dealmaking in the U.S.
Noël Brown will become head of biotechnology at UBS, while Tim Chung and Alex Lim are both joining as managing directors, according to a memo reviewed by Bloomberg News. Brown and Chung will be based in New York. Lim will be based in San Francisco. A representative for UBS declined to comment.
Prior to joining UBS, Brown was head of US biotechnology investment banking at RBC Capital Markets, his LinkedIn profile shows. Chung has been with RBC Capital Markets since 2021 and was most recently a managing director for biotechnology investment banking. Brown and Chung also previously worked at Cantor Fitzgerald. Lim was a managing director at RBC as well.
A representative for RBC didn’t immediately provide comment.
Health-care dealmaking activity has been relatively intact despite the uncertain economic outlook. The volume of announced US health-care deals has risen roughly 8% so far this year to about $72 billion, compared to a 2.4% increase in global dealmaking, according to data compiled by Bloomberg.
In March, UBS acted as the lead financial adviser to Sycamore Partners on its proposed $10 billion acquisition of US drugstore chains Walgreens Boots Alliance Inc. The Swiss bank has been seeking to bolster its investment-banking coverage of high-growth sectors and sees health-care dealmaking as one of the biggest global fee opportunities.
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Michelle F. Davis, Bloomberg News
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