Citi Hires Barclays Biotech Banker for Healthcare ECM

Citi's North American equity capital markets share is at its highest since 2021 as it adds Dan Cocks as co-head of healthcare ECM.

Updated on Nov. 2, 2026 in Healthcare

Wide view of tall glass-and-steel office towers in a city financial district under clear daylight. — Citi has hired Barclays biotech banker Dan Cocks as co-head of healthcare equity capital markets as biotech IPO activity surges. AI Illustration. Upload story photo >

Citi hired Dan Cocks from Barclays as co-head of healthcare equity capital markets, where he had focused on biotech ECM. Citi's global ECM market share rose to 6.3% from 4.6% last year.

Why it matters

The hire comes as biotech IPO activity has picked up sharply, with 23 deals in the first three quarters of 2026 compared with eight in all of last year. Strengthening its healthcare team positions Citi to compete for these listings.

Citi's global equity capital markets share climbed to 6.3% from 4.6% last year, while biotech IPOs reached 23 in the first three quarters of 2026 against eight in all of last year. Whether Jennifer Sheng will co-run the healthcare ECM business with Cocks has not been confirmed.

The players

Citi

Citigroup is a multinational investment bank and financial services firm headquartered in New York City.

Dan Cocks

Dan Cocks is a banker who previously worked in biotech equity capital markets at Barclays and Goldman Sachs before joining Citi.

Jennifer Sheng

Jennifer Sheng is a Citi healthcare banker based in Greenwich, Connecticut, who has worked at the bank since 2019.

The details

Dan Cocks joined Citi in New York as co-head of healthcare equity capital markets after previously serving as a managing director at Barclays focused on biotech ECM, and before that at Goldman Sachs in ECM syndicate operations. Jennifer Sheng, who has worked at Citi since 2019 and was named co-head of North American healthcare ECM last year, may co-run the business with him.

Last year: Jennifer Sheng was named co-head of North American healthcare ECM.
First three quarters of 2026: 23 biotech IPOs took place.
Week before the report: Dan Cocks began at Citi in New York, per FINRA records.

Market Landscape

Biotech listings have rebounded from eight deals in 2025 to 23 in the first three quarters of 2026, nearly triple the prior full-year total. Banks are competing for this renewed pipeline, and Citi's gain in global ECM share to 6.3% reflects that contest for healthcare mandates.

Biotech companies weighing a public listing now have more banks competing for their business, which can affect the terms and timing of offerings. Investors tracking biotech IPOs will see a larger pipeline of deals to evaluate.

The takeaway

Rising biotech IPO volume and shifting bank rankings suggest healthcare capital markets are regaining momentum, so readers following the sector should watch which firms win the next wave of listings.