Citi Expands Healthcare Capital Markets Team
Biotech companies weighing public offerings should expect more banks to compete for listing mandates as IPO activity rebounds.
Updated on Nov. 2, 2026 in Healthcare
Citi has hired Dan Cocks from Barclays as co-head of healthcare equity capital markets, and Jennifer Sheng may co-run the business with him. The move comes as biotech IPO activity has picked up sharply in 2026 and Citi's global equity capital markets market share has risen.
Why it matters
For operators in biotech and healthcare finance, hiring at the top of a bank's healthcare equity desk signals where capital-raising capacity is being built as biotech listings recover. Citi's share gain suggests competition for mandates among underwriters is intensifying.
Citi's global equity capital markets share climbed to 6.3% from 4.6% a year earlier, with its North American share at its highest since 2021. Biotech IPOs reached 23 in the first three quarters of 2026, nearly triple the eight recorded in all of last year.
The players
Citi
Citigroup is a global bank whose investment banking arm underwrites equity offerings for corporate clients, competing for mandates among large financial institutions.
Barclays
Barclays is a British multinational bank with an investment banking division that underwrites capital markets deals, including biotech equity offerings.
The details
Cocks was previously a managing director at Barclays focused on biotech equity capital markets, and before that he was in equity capital markets syndicate operations at Goldman Sachs. His move to Citi was confirmed through his LinkedIn profile and FINRA records showing he joined in New York. Sheng, who has worked at Citi since 2019 and was named co-head of North American healthcare equity capital markets last year, may share leadership of the group with him.
Timeline
Last year (2025): Jennifer Sheng was named co-head of North American healthcare equity capital markets.
First three quarters of 2026: 23 biotech IPOs took place.
Wednesday last week: Dan Cocks joined Citi in New York, according to FINRA records.
Market Landscape
Biotech IPO issuance has nearly tripled in the first three quarters of 2026 compared with all of last year, a sharp rebound from the prior period. Banks are now competing for healthcare equity mandates, and Citi's rising global market share indicates it is positioning to capture a larger portion of that activity.
Healthcare companies planning public offerings should expect more banks to compete for mandates as underwriters expand their biotech teams. Finance and strategy leads should track underwriter capacity and pricing as the IPO window stays open.
The takeaway
Operators in biotech and healthcare services should watch how quickly underwriters add senior coverage as IPO activity grows. Track next-quarter biotech listing counts and underwriter league tables before deciding on timing for any capital raise, and consult qualified financial advisers on specific offering decisions.
Further reading
For broader context on how capital markets are shaping drug developers, explore Healthcare coverage.
