Another big deal, and another payday most of Wall Street's biggest banks missed.
The Pfizer-Medivation deal announced Monday, worth about $14 billion, is the latest sign that boutique banks are rising on Wall Street. In 2016, the smaller banks have been claiming a bigger portion of the profits that come from large-scale mergers and acquisitions, something they have been able to do after claiming some of the top dealmakers from big Wall Street banks.
When Pfizer negotiated to buy the biopharmaceutical company, it was advised by boutiques Guggenheim Securities and Centerview Partners; its target, Medivation, was advised by JPMorgan Securities and Evercore.
That is expected to generate a payday of up to $50 million for Pfizer's advisors, and nearly $60 million for the banks that advised Medivation, said Jeffrey Nassof, director at M&A consulting firm Freeman & Co.