WSOhas been instrumental in helping me break into this role so I want to offer some of my insights to anyone else who's looking to break into the industry.
Brief background: Graduated last December from a target school and now I'm finishing up my first year as an analyst in the corporate development team at a mid-sized pharma company. Happy to answer any questions regarding this role!
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Comments (25)
让我们剪切，comp？
$70,000 base + $15,000 stock signing bonus that vests over 4 years + cash bonus depending on personal and company performance (in previous years this has been around 10-20% of base salary)
Everyone in my group also got another stock bonus that vests over 2 years in Q2 2017. This was completely out of the blue. According to our group head it was an incentive to stay with the company in the long run.
how's your team structured - strictly m&a? involved in JVs, partnerships, any venture investments? hybrid role with strategy functions?
75% of our work isM&Afocused with the other 25% inAlliance Management(licensing, partnerships, etc.). I think it'd be cool to do venture investing, but our company is focused on companies and assets that are more mature and de-risked clinically or commercially.
At the junior level, all the work isM&Awith the occasional modeling request for anAlliance Managementproject.Alliance Managementseems to be more focused on relationship building rather than number crunching.
Many thanks for doing this. I recall some of your other posts which were very insightful so this AMA should be useful to many folks in each case :). I had a few questions if you don't mind:
1) Did you start the role as part of a broader rotational program, or was it specifically a hire for the corporate development team? (I do know that some companies haveM&A/策略融入了更广泛的轮换计划，这是规避前后银行经验的一种方式）
2) When you've received a buy/sell side mandate from an operating division within your company on a potential opportunity, is corp dev tasked with running the entire process? Or do you hire outside advisors? I know that in some cases, the corp dev team runs with the entireM&Aprocess (e.g., Drafting theCIM, conducting diligence, transaction document negotiations), but wasn't sure if this was the case here
3) Do you have a sense of where folks exit/depart to at the junior level and expected comp say 2 years out from starting? presumably the option is there to move up, but I imagine there are a few more opportunities at the analyst level than otherwise.
这是专门为Corp Dev团队的雇用。我对这个角色感到非常幸运，因为该公司正在寻找1 - 2年的人FTIBexperience. My resume actually got dinged the first time because I didn't haveFTexperience. Fortunately, someone on my team kept pushing for my resume to go through and the team decided to bring me on right out of undergrad.
Our corp dev generally runs the entire process. When I was interviewing, the team members made a point about how corp dev was the "internal investment bank" of the company.
我已经看到我们的公司开发团队内部升任其他角色或继续担任其他公司的Corp Dev角色。这仍然是我要弄清楚的问题。
What are the hours like? Also, how is pay at the Associate / Senior Associate level?
The hours at my job are really great, in the 40-60 hour range with some work on weekends. As an analyst, I'm owning all parts of a project (constructing the deck, editing the deck, modeling, auditing my model, etc.) Our VPs are pretty hands-off on the whole process and trust us to take a project from start to finish by ourselves, so I'm not sitting around waiting for comments from higher ups.
At the associate level, pay is around $90k cash with large amounts of stock. Sr. associate, I would venture a guess that it's $100k-$110k cash, but I'm not too sure on that.
Hi, can you share some tips on studying for the technical round of interview? The firm that I am interviewing is a private company focused on privatemmdeals. Thank You!
我目前从事财务尽职调查，并从事一些工作M&A/deals, but obviously don't have full deal experience like an investment banker would. Is it still possible to break into corporate development, or is it pretty difficult withoutIBexperience? I know you said you did it without, but I'm wondering just how uphill the battle is on average.
Also, I'm interested in the pharma space. Aside from Boston, what are the best cities to be in to get exposure to this industry/where are all the finance jobs for pharmaceuticals?
Thanks!
I'm not too sure about coming from another full-time position, because I came into this position with a summerIBDinternship and healthcarePE实习。这帮助我有经验IBandPEeven though those were only internship positions. Without those experiences, it would be quite difficult.
芝加哥是制药公司的巨大城市。Shire，Baxter，Abbvie，Takeda，Walgreens和较小的制药公司在北郊区都设有办事处。SF还是Pharma的另一个伟大城市。
Definitely possible...I came from Big 4 transaction services and moved straight into Corp Dev after I left. I also have several colleagues that came from TS and have moved on to CD roles
From what you have heard or know, do you think that someone with 1-2 years ofFTIBexperience would be taking a major pay cut to join the firm? Do many investment bankers join corporate development after their stints because of the easier lifestyle and comfortable wage?
What is the hierarchy like in terms of career advancement and compensation?
My coworkers who joined with 1-2 years ofFTIBexperience took pay cuts. Base salary is comparable (probably 5-10% lower) and we get generous amounts of stock, but we don't get huge cash bonuses likeIBanalysts.
Bankers at my company left for a variety of reasons, not necessarily because of the easier lifestyle. On that note, they have all commented on the fact that lifestyle is significantly better thanIBand it justifies the pay cut.
Career advancement at my company is pretty good. When I joined as the new jr. analyst in January, the other jr. analyst and sr. analyst were both promoted after only 1 year at the company. The manager (equivalent of associate in IB) in my group was promoted after 9 months at the company. These guys all had full-time experience before joining, so I'm not sure what it would look like for me.
在我的团队中晋升为董事级别（相当于IB的副总裁）的人要么留在CD中，并试图将其加入副总裁（相当于IB中的MD），要么扮演着向内外观的战略角色（例如产品管理，内部策略等）。
I can't comment on how compensation looks as one progresses up the ladder, it's not something I've asked about in my time here.
我只是在雇主方面经历了招聘过程。对于这个论坛上的人们来说，一件事是，尤其是对于这些较小的制药企业，他们非常犹豫要支付100,000美元以上IBanalyst with 2 years of experience. We interviewed a lot ofIB分析师并没有被吹走。这里的重点是，对于Corp Dev，您有能力与工资竞争。拥有4级/国库/策略经验的人，将40％的头发剪裁到IB分析师，变得非常有吸引力。
Something to think about.
不被风吹走,从哪个角度建模,strategic thinking, industry knowledge, communication skills...?
This is why I wish firms would disclose a salary range in their job description. I assume almost all of theseIBanalysts either declined your offer or were cut after the first round because of the salary mismatch. Everyone's time would be spared if applicants knew up front what the salary range was. Not a knock against you or anything, but rather an observation.
以我的经验，由前银行家经营的公司开发团队的公司将倾向于支付更多。因此，当我大约一年前经过招聘过程中担任目前的职位时，我会在申请之前查看Corp Dev团队在LinkedIn上。话虽这么说，肯定是一个发型IBsalaries in corp dev.
老实说，很少有银行家经过电话采访，这与薪水不匹配无关（直到以后才讨论）。我们愿意以合适的价格雇用一家，但没有申请人证明这一点是合理的。这可能是特定于行业的，因为制药具有某些特征行业知识more valuable/relevant thanfinancial modelingability.
Depending on where the product(s) falls in its lifecycle, it's impossible for one to evaluate the commercial attractiveness of the opportunity if one isn't familiar with certain variables: channel/payer mix dynamics, patent/litigation landscape, uptake curves, generic sub rates, etc. This stuff takes much longer to understand than, for examplemodeling an SPV(and that's only required at the very tail end of a transaction).
I don't want to get into too much detail but very weak on technicals as well, particularlyrelated to financial statement analysis。对于可能适用于Pharma Corp Dev的人，请务必知道如何在financial statements and howto forecastworking capital在产品级别。另外，在面试之前，请务必了解有关公司的信息。您的一年经验STRH's financial sponsors group is interesting and all, but know something about our portfolio comp and our strategy (it's on the company website).
Thanks for doing this, +1 SB.
Also in CD, albeit I landed here as an associate after a rotational program and am in Med Tech now. You mentioned that your firm is more interested in de-risked mature assets. That's extremely expensive place to play in....
1）有什么交易，即使大男孩也犹豫要在成熟（思考POC）上进行很多活动？
2) How do you guys naturally structure your transactions? I've seen a lot of co-development agreements with options to in-license based on trial results in my eyes, but curious to your thoughts.
Also, how do you like it compared to your expectations? Do you have a desire to go into to the operations side one day?
These are great questions, I'll try to answer them as best as I can
Our deal pipeline is pretty robust. Our team usually looks at anywhere from 5-10 deals at a time. My words earlier about de-risked assets were a bit misleading. We generally only consider assets that have some sort of proof of concept (P2, P3 or commercial stage), but that does not mean that they're completely de-risked. They may still have some clinical risk or commercial risk (e.g. awaiting results from a confirmatory trial, asset is in an indication that may have many failures before, competitive market with lots of existing assets or potential future competition)
Generally our deals are structured with an upfront payment and a few commercial and development milestones. I've also been on a few deals where we split the cost of developing the drug,EBITDAsplits and option agreements to in-license based on trial results.
I've been enjoying my time in this position so far, but to be completely honest, I'm not 100% sure if I want to stay in pharmaceuticals. My life and work experience thus far have been really great and I'm in no rush to leave. Although this may be challenge, I have a desire to look at investments from the perspective of a financial acquirer vs. a strategic acquirer.
让我知道您是否有任何后续行动。
Re: (1) - of the 5-10 deals you look at a time...or rather, of the deals you look at during an entire year, how many of these deals are completed? And then, how many areM&Avs in-license/out-license partnerships?
Thanks!
Are you from a finance background or a science background and what kind of background does your team come from as well? Would love to get into healthcare/pharma/bio tech however I come from a finance background.
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