NEWS & EVENTS
Company News
Press Release
For Immediate Release
July 23, 2007
Contact: Gregg DiPietro
Leerink Swann
(617) 918-4601
Gregg.DiPietro@leerink.com
Contact: Jeffrey Lovell
Lovell Minnick Partners
(310) 750-3600
www.lovellminnick.com
Leerink Swann Receives Commitment for Investments from Lovell Minnick Partners and the March Group
Boston, MA - July 23, 2007 - Leerink Swann, the leading healthcare investment bank, today announced that it has entered into a definitive agreement to receive a $35 million minority investment from Lovell Minnick Partners ("Lovell Minnick") and the March Group ("March").
Lovell Minnick, a private equity firm that specializes in the global financial services industry, and March, a firm focused primarily on the pharmaceutical and financial services sectors, will have representatives from each firm join Leerink Swann's Board of Directors. The transaction is expected to close in the third quarter of this year, pending regulatory and shareholder approvals.
"We are pleased to have Lovell Minnick and March join us as shareholders," stated Jeffrey A. Leerink, Chairman and CEO of Leerink Swann. "Both firms possess deep industry knowledge and company-building expertise. Their representation will add significant value to our Board of Directors as we accelerate our investment banking and advisory businesses and expand into principal and asset management activities."
Mr. Leerink continued, "The marketplace continues to acknowledge the value of our business model, as evidenced by the Firm's record revenue and earnings momentum. This investment capital, applied to our unique business platform, will serve as an additional catalyst for Leerink Swann's aggressive growth plans."
Jeffrey D. Lovell, Managing Director of Lovell Minnick Partners said, "Leerink Swann has created a tremendous opportunity to capitalize on its industry leading position in healthcare. The Firm's knowledge focus, driven by its proprietary MEDACorp network, delivers a sustainable advantage in a highly competitive marketplace. We look forward to supporting them in their efforts."
Johannes Frey, Chief Operating and Financial Officer of the March Group, continued, "Leerink Swann represents a perfect strategic fit for March. Leerink Swann's commitment to establishing a world-class investment banking capability geared exclusively toward the healthcare industry ideally positions the Firm to capitalize on one of the largest industries in the global economy."
Mr. Leerink concluded, "The recognition of Leerink Swann's differentiated platform by Lovell Minnick and March further enhances our position as the leading healthcare investment bank."
About Leerink Swann
Leerink Swann is a healthcare-focused investment banking firm that provides equity research, corporate finance, asset management, and strategic advisory services for institutional, life sciences, and high-net-worth clients. For the past six years, Institutional Investor has named Leerink Swann "Best of the Boutiques" in Biotechnology, Healthcare Technology & Distribution, Medical Supplies and Devices, Pharmaceuticals/Major, and Pharmaceuticals/Specialty. Through its MEDACorp division, Leerink Swann provides biomedical-consulting services to the institutional investment community. With an internal team of experts and a dedicated external network of academic and community healthcare professionals, MEDACorp assesses the viability of cutting-edge medical technologies, thus giving decision makers the information they need to perform. Leerink Swann is a member NASD/SIPC.
"Best of the Boutiques" - Institutional Investor. Seventh consecutive year!