Hambrecht & Quist is expanding its biotech activities, even as it's going through its second personnel reshuffle on the investment banking side since May, when co-head of investment banking David MacCallum left to head the health care group at Union Bank of Switzerland.
The firm just lost a second banker to UBS, but gained one from PaineWebber. Lori Gonye, who had moved up to replace MacCallum, has rejoined him at UBS, where she will start as a managing director in the life sciences group on Sept. 6.
Taking Gonye's place at H&Q is Dennis Purcell, who will be managing director, investment banking, with responsibility for equity and financial advisory activities in the pharmaceutical, biotechnology and medical products industries. Purcell held the same position at PaineWebber, where he had been since 1982.
H&Q President and Co-CEO Daniel Case III told BioCentury that the firm is adding resources in two areas: custom financing and corporate partnering.
With many more companies considering mergers and partnering, H&Q is getting more involved