(Reuters) - Credit Suisse AG has named senior banker Tom Davidson vice chairman of its global healthcare group, according to a memo released to employees on Wednesday.
Davidson will focus his efforts on some of the bank’s largest pharmaceutical clients globally at a time when healthcare M&A continues to surge. He has worked on recent deals, including advising Merck & Co Inc on its $3.85 billion acquisition of biopharmaceutical company Idenix and advising specialty pharma company Paladin Labs on its sale to Endo Health Solutions for $1.5 billion.
Stuart Smith, who served as co-head of the bank’s global healthcare group with Davidson, will continue to run the team.
Other high profile deals that Credit Suisse’s healthcare group was involved in during the last several years include Genzyme’s $20 billion sale to Sanofi SA in 2011 and Human Genome Sciences sale to GlaxoSmithKline Pharmaceuticals Ltd for $3 billion in 2012.
A Credit Suisse spokesperson confirmed the contents of the memo.
Reporting by Olivia Oran. Editing by Andre Grenon