may 5 final leerink swann saved as a 2003 file
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Leerink Swann, Healthcare Investment BankTRANSCRIPT
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MBA Executive in Residence Program May 2009
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AGENDA
Industry Analysis Competitive Analysis Opportunities for
Leerink SwannGlobal and Domestic
Expansion Strategies
Marketing Strategy Map Summary Timeline
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Analysis of Historicaland Current
Market Conditions
Current Economic Conditions Contracting Landscape Regulation Relationship vs. Transaction
based Management Strategy
INDUSTRY ANALYSIS
Industry I Competitive Analysis I Opportunities I Marketing I Strategy I Implementation
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COMPETITIVE ANALYSIS Piper Jaffray and Co.
Cowen Group Inc.
Evercore Partners
Greenhill and Co.
Thomas Weisel Partners
In 2006, went public. Focused on global expansion in China and Japan.
Main Business in advising M&A’s . Went public in 2006. Expanded services to Tokyo, Japan. Majority stake in Iridium Communications.
Sector focus in Technology, health care, consumer & retail, aerospace & defense, and alternative energy. International locations in London, Geneva, Hong Kong, Geneva and Shanghai.
In 2006, went public. Recently expanded its industry focus to alternative energy, business services and industrial firms. Currently focused on growing its overseas operations in London, Shanghai and Hong Kong.
Sector focus in consumer, energy, healthcare, technology, media mining.
Industry I Competitive Analysis I Opportunities I Marketing I Strategy I Implementation
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Global Expansion- Europe
Global Expansion- Canada
Domestic Expansion- New Jersey
OPPORTUNITIES FOR LEERINK SWANN
Industry I Competitive Analysis I Opportunities I Marketing I Strategy I Implementation
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Opportunity #1 Global Expansion UK
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Acquisition Target • Oakes, Lyman & Co,
Ltd.
Lift-Out Target• Piper Jaffray
LEERINK SWANN UK- London
Industry I Competitive Analysis I Opportunities I Marketing I Strategy I Implementation
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LEERINK SWANN UK- LONDON
Industry I Competitive Analysis I Opportunities I Marketing I Strategy I Implementation
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LEERINK SWANN UK- London
Industry I Competitive Analysis I Opportunities I Marketing I Strategy I Implementation
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Industry I Competitive Analysis I Opportunities I Marketing I Strategy I Implementation
LONDON FINANCIAL MODEL
London Model 2009 - 2012 (values shown in US $)
Year 2010 2011 2012
Net Income (estimated) 1,500,000 1,605,000 1,725,000 1,800,000
Discount Rate 25% 1,435,555 1,234,309 1,030,380
11,369,454
Total Acquisition Cost 11,369,454 plus Buy-Out Premium (30%) 14,780,290
2009
Sum of Present Value of CF
* Estimated Net Income based on 2007 financials for Broadpoint Securities
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Opportunity #2 Global Expansion- Canada
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3rd Largest N. American Financial Market• TSX : $1 trillion market cap.
• TSX: Life Sciences mkt. cap $23 billion
Large Biotech Cluster• 100 medical / biotech companies
• $4 billion annual revenues
Skilled Labor Force Cultural Fit Low Cost of Operations
LEERINK SWANN CANADA- TORONTO
Industry I Competitive Analysis I Opportunities I Strategy I Marketing I Implementation
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Top Ranked North American Financial Services Centers by
Employment
Region Employment
1. New York 507,800
2. Chicago 315,800
3. Toronto 230,400
4. Los Angeles 228,900
5. Philadelphia 178,400
6. Boston 174,400
7. Dallas 166,800
8. Atlanta 144,100
9. Minneapolis-St. Paul 133,000
10. Phoenix 129,600
Operations Costs: Shared Services Center
Market Size
1. Toronto $7,500
2. Philadelphia $8,517
3. Riverside San Bernardino $8,733
3. Chicago $8,763
4. Boston $8,791
5. New York $9,451
Sources: Statistics Canada. U.S. Department of Labor, Bureau of Labor Statisticshttp://www.greatertoronto.org/investing_sec_05.htm
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Bloom, Burton & Co. Location: Toronto Canada
Largest Healthcare Banking Team
Only Boutique Healthcare Bank
15 years industry experience
ACQUISITION TARGET
Industry I Competitive Analysis I Opportunities I Strategy I Marketing I Implementation
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CANADIAN FINANCIAL MODEL
Industry I Competitive Analysis I Opportunities I Strategy I Marketing I Implementation
Canada Model 2009 – 2012 (values shown in US $)
Year 2010 2011 2012
Net Income (estimated) 1,243,386 1,330,423 1,429,893
Projected Growth Rate 20%
Discount Rate 25% 1,112,118 951,973 818,519
Sum of Present Value of CF 6,668,649
Total Value of Report Unit 6,668,649 plus Buy-Out Premium (30%) 8,669,245
15%7%
* Estimated Net Income based on 2007 financials for Canaccord Securities
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Opportunity #3 Domestic Expansion- NJ
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New Jersey•Pharmaceuticals , Biotechnology, High Tech•Biological/life scientists, R&D, Innovation•Venture capital•Incentives
M&A Advisory Services
Healthcare IT Projects
LEERINK SWANN- NJ
Industry I Competitive Analysis I Opportunities I Strategy I Marketing I Implementation
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Costs• New office facility• Strategic hires• Visibility
Gains• Build new alliances• Strengthen existing
relationships• Access to more deals,
higher value
Industry I Competitive Analysis I Opportunities I Strategy I Marketing I Implementation
LEERINK SWANN- NEW JERSEY
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LEERINK SWANN- NEW JERSEY
Industry I Competitive Analysis I Opportunities I Strategy I Marketing I Implementation
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Industry I Competitive Analysis I Opportunities I Marketing I Strategy I Implementation
NJ – Financial Considerations
$25/sq. foot
Min. 10 Employees
Marketing & PR Events
2010
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Marketing Analysis
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Current Marketing Plan: Surround Sound
Conferences/Roundtables
Media Outreach/Press releases
Advertising in trade publications
Networking• Relationship Building
MARKETING ANALYSIS
Industry I Competitive Analysis I Opportunities I Marketing I Strategy I Implementation
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Leerink Swann Scholarship competition:Annual Medical Scholarship granted to a Pre-Med College Senior
Open to college seniors entering Medical School
Competition: Develop a Biomedical Research Project
Winner receives Full Scholarship plus MEDACorp position upon graduation
MARKETING STRATEGY
Industry I Competitive Analysis I Opportunities I Marketing I Strategy I Implementation
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Leerink Swann Annual Conference/Retreat
• Culminates with award dinner for the Leerink Swann Scholarship winner.
MARKETING STRATEGY
Industry I Competitive Analysis I Opportunities I Marketing I Strategy I Implementation
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Implementation
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Industry I Competitive Analysis I Opportunities I Marketing I Strategy I Implementation
STRATEGY MAP
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2009 2012
Jan. 2010London Expansion
April 2010Toronto Expansion
Nov. 2009Announce Leerink Swann Scholarship competition
June 2010First Annual Conference/ scholarship award dinner
Jan. 2011:New Jersey Expansion
Summary Timeline
Industry I Competitive Analysis I Opportunities I Marketing I Strategy I Implementation
IMPLEMENTATION
$200M $400M
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Questions