Analyst, Investment Banking - Mergers and Acquisitions

About the role

TD Securities is seeking an Investment Banking Analyst to provide financial, strategic, and execution support on mergers and acquisitions involving biotechnology and life sciences companies. The role is highly analytical, focusing on financial modeling, valuation, transaction analysis, due diligence, and the preparation of materials for live M&A engagements.

Responsibilities

• Work as an integral member of M&A transaction teams advising biotechnology, pharmaceutical, and life sciences clients
• Build and maintain complex operating, valuation, and transaction models, including DCF, probability-adjusted pipeline, sum-of-the-parts, merger, accretion/dilution, purchase price allocation, and scenario analyses
• Develop biotechnology-specific forecasts incorporating clinical timelines, probability of success, market opportunity, pricing, patent exclusivity, competition, and product lifecycle assumptions
• Evaluate potential acquirers, targets, transaction structures, strategic alternatives, consideration mixes, financing assumptions, ownership, dilution, and pro forma financial impacts
• Analyze public and private companies, including financial performance, capital structure, liquidity, clinical pipelines, regulatory milestones, commercial outlook, and strategic fit
• Conduct detailed diligence across therapeutic areas, clinical data, regulatory pathways, intellectual property, market dynamics, competitive positioning, and M&A precedents
• Prepare valuation materials, board presentations, management presentations, process letters, bid analyses, transaction summaries, and other materials for live M&A engagements
• Coordinate financial, legal, regulatory, commercial, and scientific diligence and maintain transaction models, data rooms, trackers, and other execution workstreams
• Maintain exceptional accuracy, responsiveness, judgment, confidentiality, and attention to detail under demanding transaction timelines

Core Expectations

• Advanced Excel proficiency and the ability to build, audit, and explain complex biotechnology operating and M&A models from first principles
• Strong understanding of biotechnology valuation, drug development, clinical and regulatory risk, M&A structures, and transaction mechanics
• Ability to translate scientific, clinical, commercial, and transaction information into defensible assumptions and clear client conclusions
• High standards of analytical rigor, ownership, and execution across multiple live M&A workstreams

Education & Experience

• Undergraduate degree with strong academic performance in Finance, Accounting, Economics, Mathematics, Engineering, Biology, Chemistry, Biochemistry, or a related field
• 0–3 years of relevant experience in investment banking, transaction advisory, equity research, healthcare investing, or a related analytical role
• Demonstrated interest in biotechnology, pharmaceuticals, healthcare, and M&A
• Advanced Excel and PowerPoint proficiency; applicable securities licenses required

Pay

$110,000 – $135,000 USD base pay, with the actual offer varying based on skills, experience, job-related knowledge, geographic location, and business needs.