MTS Health Partners Research
Advisory Approach
MTS Health Partners is a premier healthcare-dedicated boutique investment bank that has operated at the intersection of strategy and finance for 25 years. Founded in 1999, the firm has established itself as the largest independent healthcare-focused investment bank, with a singular focus on providing strategic and M&A advisory services exclusively to the healthcare industry. The firm operates with a clear thesis: healthcare companies require specialized advisors who understand the unique clinical, regulatory, and market dynamics that differentiate healthcare from other sectors. This healthcare-exclusive focus enables MTS to provide deeper sector expertise than generalist boutiques can offer.
The firm's positioning is built on alignment with client interests rather than transaction generation. As their tagline states—"At your side. On your side."—MTS emphasizes that they advise clients in pursuing the right strategic pathways rather than simply focusing on completing transactions. This approach has earned them trusted, long-term relationships with healthcare companies ranging from global corporations to venture-backed businesses.
Sector Focus
MTS maintains comprehensive coverage across all healthcare subsectors, with particular depth in several key areas:
Biopharmaceuticals: The firm has extensive experience advising both large-cap and emerging biopharma companies on M&A, licensing, and financing transactions. Their work in antibody-drug conjugates (ADCs) and oncology is notable, having advised on Taiho Pharmaceutical's $400 million acquisition of Araris Biotech, a next-generation ADC drug discovery company.
Healthcare Services: MTS maintains strong capabilities across healthcare services, including home-based care, digital health platforms, and healthcare technology. They advised DispatchHealth on its merger with Medically Home, creating the nation's most comprehensive high-acuity care-at-home platform. They also advised Sharecare on its $1.43 per share take-private acquisition by Altaris.
Life Science Tools & Diagnostics: The firm advises companies developing enabling technologies for drug discovery, diagnostics, and research tools.
Medical Technology: MTS works with medical device, diagnostic, and technology companies across clinical applications.
Data-Driven Healthcare Technology: The firm's digital health expertise spans telehealth, remote monitoring, health IT, and data analytics platforms.
Deal Track Record
MTS Health Partners has completed 282 transactions representing over $121 billion in aggregate value since inception. The firm has been particularly active in recent years, completing nearly $65 billion worth of transactions since 2020 alone.
Notable transactions include:
Landmark M&A: MTS served as a financial advisor to Seagen alongside Centerview Partners on Pfizer's $43 billion acquisition—a transaction that represented one of the largest biopharma M&A deals in history. This high-profile assignment positioned MTS among the elite boutiques capable of advising on transformational healthcare transactions.
Recent 2025-2026 Transactions:
- Taiho Pharmaceutical's acquisition of Araris Biotech for $400 million plus up to $740 million in milestone payments
- DispatchHealth's merger with Medically Home
- Neurocrine Biosciences' divestiture of its European commercial business to Immedica Pharma
- Alma's sale to Spring Health
2024 Transactions:
- Sharecare's take-private acquisition by Altaris for $1.43 per share
- LetsGetChecked's acquisition of Truepill
- Revolution Medicines' all-stock acquisition of EQRx
Cross-Border Capability: Through partner Kazuki Kusaka, who built MTS's Japan practice, the firm has developed significant cross-border M&A capability between the U.S. and Asia-Pacific markets. This is particularly valuable given the substantial flow of Japanese capital into U.S. biopharma and healthcare services.
Process & Fee Structure
MTS runs institutional-quality sell-side and buy-side processes for healthcare companies. While specific fee structures are not publicly disclosed, the firm typically employs market-standard investment banking engagement models, likely including retainers and success fees based on the Lehman or modified Lehman formula common in middle-market M&A advisory.
The firm emphasizes exhaustive buyer outreach and process rigor, leveraging their deep relationships across strategic buyers, private equity firms, and sovereign investors in healthcare. Their process includes comprehensive quality of earnings support, management presentation preparation, and structured data room management.
Buyer Network
MTS maintains relationships with a broad network of healthcare-focused buyers:
Private Equity: The firm has relationships with healthcare-specialized private equity firms across the lower middle market through large-cap buyout funds. Their deal history shows work with firms like Altaris, Pritzker Group Private Capital, The Vistria Group, and Blue Wolf Capital.
Strategic Buyers: MTS has closed transactions with major strategic acquirers including Pfizer, Taiho Pharmaceutical (Otsuka Holdings), Immedica Pharma, and Spring Health.
Cross-Border: The firm's Tokyo office provides direct access to Japanese strategic buyers and corporate venture capital, an increasingly important source of capital for U.S. healthcare companies.
Competitive Positioning
MTS differentiates from other healthcare investment banks through several key attributes:
-
Scale: With 65-85 professionals, MTS is among the largest independent healthcare-dedicated boutiques, providing sufficient senior banker coverage while remaining focused exclusively on healthcare.
-
Healthcare-Exclusive Focus: Unlike generalist banks that maintain healthcare verticals, MTS's entire operation is built around healthcare, enabling deeper sector knowledge and more relevant buyer relationships.
-
Breadth of Services: The firm offers not only M&A advisory but also private placements, PIPEs, royalty monetizations, and restructuring advisory, providing comprehensive financial services to healthcare companies.
-
Track Record: 282 transactions and $121 billion in aggregate value demonstrates substantial experience across market cycles.
-
Cross-Border Capability: The Tokyo office provides unique access to Asian strategic buyers.
Not a Fit If
MTS is likely not a fit for:
- Companies outside the healthcare sector (they are healthcare-exclusive)
- Very small transactions below the middle market
- Founders seeking limited buyer outreach or proprietary transactions
- Situations requiring generic industry knowledge rather than healthcare expertise
Team
The firm is led by three founding partners: Curtis S. Lane (Founding Partner), Mark E. Epstein (Managing Partner), and Andrew J. Weisenfeld (Managing Partner). Weisenfeld has been an investment banker since 1989 and became a Partner at MTS in January 2008.
The partnership includes 12 additional partners with diverse healthcare backgrounds:
- Daun Chung, Dennis Conroy (CFO), Dan Evans, Kazuki Kusaka (Japan practice lead), David Low, Evan Matlin, Jason Schoenholtz (joined from Lazard in 2024), Aaron Schwimmer, Jay Shiland, Ryan Stewart, and several Managing Directors.
Notably, the firm has added multiple partners in 2023-2024, including Evan Matlin (June 2024), Aaron Schwimmer (September 2024), and Jason Schoenholtz (May 2024), demonstrating active growth and expansion of capabilities.
Below the partner level, MTS maintains a team of Directors, Vice Presidents, Associates, and Analysts across professional and operational roles. The firm emphasizes hiring individuals with both healthcare expertise and traditional investment banking training.
Geographic Coverage
MTS is headquartered in New York City at 623 Fifth Avenue, with its primary operations concentrated in the New York metro area. The firm maintains international capability through its Tokyo office, led by Kazuki Kusaka, which supports cross-border transactions between North America and Asia-Pacific markets.