Think of Minnesota, and the first thing that probably comes to mind is the state's 10,000 lakes. Not multi-billion dollar pharma deals.
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A small Minnesota-based investment bank you've never heard of got in on a $3.6 billion Wall Street deal
They're going after the biggest pharma and healthcare deals.
But that's exactly what's on the mind of the 50-plus financiers at TripleTree, a Minneapolis-based investment bank focusing on healthcare and healthcare tech deals.
The boutique investment bank, which was founded in 1997, is slated to split $15 million to $20 million with Lazard, a New York-based investment bank, for its role advising Express Scripts in its $3.6 billion acquisition of eviCore healthcare, according to estimates from Freeman & Co, the consultancy. The deal was announced on Tuesday.
She told Business Insider that it's deeply connected to the firm's history as a group of professionals with a "deadly insightful" and "exclusive focus" on the healthcare industry.
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She said ten years ago that expertise had many large companies coming to the firm asking them for help understanding the healthcare market.
"So what we decided to do to support this demand was start a buyer briefing program to help give these companies perspectives on the healthcare industry," Owens said.
The point of the program is to help companies explore topics in healthcare that they're evaluating. In one sense, TripleTree acts as a sort of strategic adviser. In another sense, however, the program is best thought of as a stepping stone. The logic is: If the bank can show off its smarts to big companies, then they'll come to them for investment banking services.
Express Scripts worked with TripleTree's buyer briefing program.
JPMorgan and Morgan Stanley advised eviCore in the deal.
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