(Bloomberg) – Citigroup Inc. has said Sumit Khedekar will join its investment bank as head of healthcare for the Americas as the company continues a wave of hires.
Khedekar will join Credit Suisse Group AG, where he held a similar position, according to a memo to Citigroup staff. He will be based in New York and will start working early next year.
He will lead Citigroup’s efforts to win business with biopharmaceutical companies as part of the bank’s new investment banking group dedicated to healthcare, consumer and wellness, the memo said.
âHealthcare, consumer and wellness is one of the fastest growing franchises,â said John Chirico and Kevin Cox, who head the banking, capital markets and advisory unit of Citigroup in North America, in the note. âThe biopharmaceutical sector, in particular, represents one of our greatest opportunities for growth and for us to close our competitive gap. ”
Citigroup said Thursday it has added 200 bankers to its merchant and investment banking business this year. The lender has sought to become one of the top 3 players in investment banking in recent years after reorganizing the banking, capital markets and advisory unit in 2018 under co-global heads Tyler Dickson and Manuel FalcÃ³.
Khedekar has advised some of the largest transactions in the healthcare industry, including several for Merck & Co. of Pandion Therapeutics Inc. and Peloton Therapeutics Inc. He also advised Celgene Corp. on its acquisition of Impact Biomedicines and Eli Lilly & Co. on its acquisition of the animal health activities of Novartis, among others.
He will report to Chirico and Cox. His move marks the latest departure from Credit Suisse, which has seen a wave of bankers default in the wake of two scandals that weighed on the Swiss bank’s results.
“Drawing on its extensive industry experience and strong relationships with many leading healthcare companies, Sumit will be instrumental in expanding our coverage and increasing our share in biopharma.” , Chirico and Cox said in the memo. “His background and in-depth knowledge of the industry will be essential in leveraging the franchise’s current momentum.”
(Updates with transaction history Khedekar advised on in the penultimate paragraph.)
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