Investment bankers in Hong Kong are catching biotech fever.
Bloomberg News reports that at least seven senior bankers and analysts from top-tier securities firms have quit to join biotechnology companies in the city since December, responding to the industry’s growing demand for financial expertise after rule changes at Hong Kong’s stock exchange smoothed the path for biotech initial public offerings.
Richard Yeh, a health-care analyst at Goldman Sachs, emerged as the latest example after people familiar with matter said last week he was to join CStone Pharmaceuticals Co. as chief financial officer. Firms including Lazard, Bank of America, Deutsche Bank, Citigroup and Jefferies have all seen similar departures in recent months.
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