June 23 (Reuters) - PJ Solomon has hired longtime CVS Health Corp executive Syed Husain to advise on mergers and acquisitions in the retail pharmacy and long-term care sectors, according to a memo seen by Reuters.
Husain will join the investment bank as managing director, reporting to Scott Moses who heads the bank’s grocery, pharmacy, and restaurants practice. Husain was previously vice president of corporate acquisitions and real estate at CVS.
PJ Solomon has advised on several deals involving grocery chains selling their pharmacy businesses to larger players like Walgreens and CVS. Supermarkets have been exiting the pharmacy business as larger players are better positioned to negotiate deals with insurance companies and other payers.
PJ Solomon has been bulking up on bankers in other sectors in recent months. It added Nate Stulman in March to lead its new fintech practice and last October hired Joseph Valenti to lead its new telecom group. (Reporting by Rebecca Spalding in New York Editing by Sonya Hepinstall)