Credit Suisse hires Rapkin for healthcare investment banking

(Reuters) - Credit Suisse Group AG has hired Cory Rapkin as vice chairman in the healthcare group of its investment banking and capital markets division, according to an internal memo seen by Reuters and confirmed by a spokesman from Credit Suisse.

Rapkin, who was previously with JPMorgan Chase & Co, will work alongside David Kostel and Steve Schwartz to grow Credit Suisse’s franchise in healthcare services, the memo said. He will be based in New York and will start in early September.

Last year, two of Credit Suisse’s healthcare managing directors, Stuart Smith and Michael Muntner, left for boutique investment bank Centerview Partners.

Credit Suisse has been rapidly scaling up its healthcare franchise in recent years, making five senior level hires since 2015.

Its healthcare team has been on some of the biggest deals in the sector so far this year, at a time when healthcare M&A has slowed considerably due to political uncertainty.

Some of the deals Credit Suisse has advised on include inVentiv Health’s $7.4 billion merger with INC Research Holdings Inc, Johnson & Johnson’s $30 billion acquisition of Actelion, and Fresenius SE & Co’s $4.3 billion acquisition of Akorn Inc.

Rapkin spent more than a decade building up JP Morgan’s healthcare services coverage, working with clients including UnitedHealth Group Inc, HCA Healthcare Inc and DaVita Inc.

Reporting by Carl O’Donnell in New York; Editing by Andrew Hay