San Diego, Oct. 8, 2013 (GLOBE NEWSWIRE) -- During the first three quarters of this year a total of $17 billion was raised in 606 transactions in the U.S. PIPE market. Of this amount, 6 transactions totaling $336 million have been announced but not yet closed as of 10/04/13.
Commenting on the activity in the PIPE market, Robert Kyle, Sagient Research's Chief Executive Officer said, "After a slow summer, the market for PIPEs has really been gaining momentum going in to the fourth quarter. We saw a significant increase in both deal volume and dollars raised during the month of September; October is on track to surpass those totals once again".
Highlights Include:
- Roth Capital Partners, LLC ranked as the number one most active investment bank U.S. PIPE market during the first three quarters of 2013
- Millennium Management, LLC ranked as the number one most active institutional investor in the U.S. PIPE market during the first three quarters of 2013
- Ladenburg Thalmann & Co., Inc. ranked as the most active investment bank in the U.S. Healthcare PIPE market during the first three quarters of 2013
- Cooley LLP ranked as the number one most active issuer counsel
- Schulte Roth & Zabel, LLP ranked as the number one most active investor counsel
- Ellenoff
Grossman & Schole LLP ranked as the number one most
active placement agent counsel
The 2013 U.S. PIPE Market Investment
Banking League Table
By Number of Transactions:
| Placement Agent Name | Transaction Count | Total Amount Placed |
| Roth Capital Partners, LLC | 38 | $ 718,188,058 |
| Ladenburg Thalmann & Co., Inc. | 23 | $ 547,072,835 |
| Cowen and Company, LLC | 19 | $ 969,649,915 |
| Dawson James Securities, Inc. | 17 | $ 90,487,970 |
| Lazard | 16 | $ 591,722,613 |
| Craig-Hallum Capital Group LLC | 16 | $ 279,086,612 |
| Jefferies & Company, Inc. | 13 | $ 1,125,030,563 |
| Canaccord Genuity Inc. (US) | 13 | $ 744,697,726 |
| Piper Jaffray & Co. | 13 | $ 579,288,435 |
| Maxim Group LLC | 13 | $ 198,639,353 |
| JMP Securities LLC | 12 | $ 1,409,753,192 |
| Stifel Nicolaus Weisel | 12 | $ 579,607,634 |
| H.C. Wainwright & Co., LLC | 11 | $ 88,130,922 |
| Robert W. Baird & Co. | 10 | $ 620,034,890 |
| Aegis Capital Corporation | 10 | $ 52,011,353 |
| William Blair & Company, LLC | 9 | $ 215,307,023 |
| Brean Capital, LLC | 9 | $ 181,765,796 |
| RS Platou Markets AS | 8 | $ 1,193,990,551 |
| Needham & Company, LLC | 8 | $ 288,145,378 |
| National Securities Corporation | 8 | $ 130,120,370 |
| Leerink Swann, LLC | 7 | $ 625,422,575 |
| Oppenheimer & Co. Inc. | 7 | $ 229,266,152 |
| Wedbush PacGrow Life Sciences | 6 | $ 245,213,271 |
| Lake Street Capital Markets, LLC | 6 | $ 78,111,775 |
| Chardan Capital Markets | 6 | $ 71,231,497 |
Investment Banking rankings exclude all 144-A
Offerings, Equity Lines of Credit, At the Market
Transactions, Rights Offerings, Bought Deals, and all PIPE
transactions conducted by foreign issuers that trade in the U.S. on
the Pink Sheets. On transactions where an investment banking
firm has acted solely as Financial Advisor, that transaction has
been excluded from that firm's ranking. Co-agented
transactions award full transaction credit to all agents
participating (regardless of status of lead agent or
co-agent). Data is for closed and definitive agreement
transactions reported as of 10/04/13.
The 2013 U.S. Healthcare PIPE Market
Investment Banking League Table
By Number of Transactions:
| Placement Agent Name | Transaction Count | Total Amount Placed |
| Ladenburg Thalmann & Co., Inc. | 17 | $ 494,183,245 |
| Cowen and Company, LLC | 16 | $ 901,024,815 |
| Roth Capital Partners, LLC | 14 | $ 414,097,057 |
| Jefferies & Company, Inc. | 11 | $ 1,077,127,264 |
| Lazard | 11 | $ 479,527,622 |
| Dawson James Securities, Inc. | 11 | $ 64,604,006 |
| Piper Jaffray & Co. | 10 | $ 461,498,435 |
| JMP Securities LLC | 9 | $ 458,303,204 |
| Canaccord Genuity Inc. (US) | 9 | $ 421,094,851 |
| Maxim Group LLC | 8 | $ 124,489,353 |
| Leerink Swann, LLC | 7 | $ 625,422,575 |
| Stifel Nicolaus Weisel | 7 | $ 237,253,068 |
| Oppenheimer & Co. Inc. | 7 | $ 229,266,152 |
| H.C. Wainwright & Co., LLC | 7 | $ 65,283,252 |
| Wedbush PacGrow Life Sciences | 6 | $ 245,213,271 |
| William Blair & Company, LLC | 6 | $ 128,417,029 |
| Burrill & Company | 5 | $ 129,089,411 |
| Brean Capital, LLC | 5 | $ 93,709,296 |
| Craig-Hallum Capital Group LLC | 5 | $ 72,386,500 |
| Aegis Capital Corporation | 5 | $ 32,565,758 |
| Robert W. Baird & Co. | 4 | $ 194,668,390 |
| MTS Health Partners | 4 | $ 38,901,232 |
| Needham & Company, LLC | 3 | $ 195,317,566 |
| SunTrust Robinson Humphrey, Inc. | 3 | $ 160,444,566 |
| Cantor Fitzgerald & Company | 3 | $ 133,365,000 |
Investment Banking rankings exclude all 144-A
Offerings, Equity Lines of Credit, At the Market
Transactions, Rights Offerings, Bought Deals, and all PIPE
transactions conducted by foreign issuers that trade in the U.S. on
the Pink Sheets. On transactions where an investment banking firm
has acted solely as Financial Advisor, that transaction has been
excluded from that firm's ranking. Co-agented transactions award
full transaction credit to all agents participating (regardless of
status of lead agent or co-agent). Data is for closed and
definitive agreement transactions reported as of 10/04/13.
The 2013 U.S. PIPE Market Investment
Banking League Table
By Total Amount Placed:
| Placement Agent Name | Transaction Count | Total Amount Placed |
| Goldman Sachs (Asia) LLC | 1 | $ 3,099,692,239 |
| JMP Securities LLC | 12 | $ 1,409,753,192 |
| RS Platou Markets AS | 8 | $ 1,193,990,551 |
| Jefferies & Company, Inc. | 13 | $ 1,125,030,563 |
| Cowen and Company, LLC | 19 | $ 969,649,915 |
| RCS Capital | 2 | $ 899,999,988 |
| Clarkson Capital Markets | 4 | $ 815,037,197 |
| Evercore Partners Inc. | 4 | $ 800,037,220 |
| DnB NOR Markets | 3 | $ 765,037,197 |
| Canaccord Genuity Inc. (US) | 13 | $ 744,697,726 |
| Roth Capital Partners, LLC | 38 | $ 718,188,058 |
| Global Hunter Securities, LLC | 5 | $ 639,953,351 |
| Leerink Swann, LLC | 7 | $ 625,422,575 |
| Robert W. Baird & Co. | 10 | $ 620,034,890 |
| RBC Capital Markets, Inc. | 3 | $ 603,574,778 |
| Lazard | 16 | $ 591,722,613 |
| Stifel Nicolaus Weisel | 12 | $ 579,607,634 |
| Piper Jaffray & Co. | 13 | $ 579,288,435 |
| Barclays Capital, Inc. | 5 | $ 572,935,203 |
| Ladenburg Thalmann & Co., Inc. | 23 | $ 547,072,835 |
| BMO Capital Markets Corp. | 2 | $ 546,071,903 |
| UBS Securities LLC | 2 | $ 541,701,903 |
| SEB Enskilda AS | 2 | $ 534,997,197 |
| DVB Capital Markets | 5 | $ 510,453,351 |
| J.P. Morgan Chase & Co. | 3 | $ 463,567,139 |
Investment Banking rankings exclude all 144-A
Offerings, Equity Lines of Credit, At the Market
Transactions, Rights Offerings, Bought Deals, and all PIPE
transactions conducted by foreign issuers that trade in the U.S. on
the Pink Sheets. On transactions where an investment banking
firm has acted solely as Financial Advisor, that transaction has
been excluded from that firm's ranking. Co-agented
transactions award full transaction credit to all agents
participating (regardless of status of lead agent or
co-agent). Data is for closed and definitive agreement
transactions reported as of 10/04/13.
The 2013 U.S.
PIPE Market Institutional Investor League Table
By Number of Transactions:
| Investor Name | Transaction Count | Total Amount Invested | |
| Millennium Management, LLC | 33 | $ 7,550,000 | |
| Sabby Management, LLC | 29 | $ 38,412,000 | |
| Empery Asset Management LP | 22 | $ 36,389,970 | |
| Deerfield Management | 19 | $ 226,499,995 | |
| Fidelity Management & Research Corporation | 19 | $ 5,018,976 | |
| Heights Capital Management, Inc. | 18 | $ 36,720,000 | |
| UBS O'Connor LLC | 16 | Not Disclosed | |
| AWM Investment Management (MGP Advisors, LLC) | 15 | $ 16,640,003 | |
| Wellington Management Company LLP | 15 | $ 2,537,343 | |
| Hudson Bay Capital Management L.P. | 13 | $ 22,743,654 | |
| DAFNA Capital Management, LLC | 13 | $ 2,900,051 | |
| Perceptive Advisors, LLC | 13 | $ 2,000,000 | |
| Broadfin Capital, LLC | 13 | $ 1,999,998 | |
| D.E. Shaw & Co., L.P. | 13 | Not Disclosed | |
| Morgan Stanley | 13 | Not Disclosed | |
| Perkins Capital Management, Inc. | 13 | Not Disclosed | |
| Baker Brothers Advisors, LLC | 12 | $ 41,895,703 | |
| Citadel Advisors, LLC | 12 | $ 10,000 | |
| Bank of New York | 12 | Not Disclosed | |
| Pine River Capital Management, LLC | 11 | $ 16,574,974 | |
| LH Financial Services Corporation | 11 | $ 9,160,003 | |
| Downsview Capital, Inc. | 11 | $ 5,017,986 | |
| Crede Capital Group, LLC (Socius Capital Group, LLC) | 10 | $ 72,313,111 | |
| RA Capital Management, LLC | 10 | $ 16,159,989 | |
| Jane Street Capital, LLC | 10 | Not Disclosed | |
By Number of Transactions: Investor rankings exclude all 144-A
Offerings, Equity Lines of Credit, At the Market Transactions,
Rights Offerings, Bought Deals, and all PIPE transactions conducted
by foreign issuers that trade in the U.S. on the Pink Sheets.
Investors classified as Corporate Investors and Insurance Companies
have been excluded from this ranking. Data is for closed and
definitive agreement transactions reported as of 10/04/13.
The 2013 PIPE Market Issuer Counsel
League Table
By Number of Transactions
| Legal Counsel | Transaction Count | Total Amount Advised | |
| Cooley LLP | 17 | $ 619,514,793 | |
| Ropes & Gray | 17 | $ 390,400,328 | |
| Greenberg Traurig, LLP | 9 | $ 75,566,066 | |
| Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC | 8 | $ 395,097,037 | |
| DLA Piper | 8 | $ 298,316,979 | |
| Morgan, Lewis & Bockius, LLP | 8 | $ 149,705,238 | |
| O'Melveny & Myers, LLP | 8 | $ 102,485,256 | |
| Sichenzia Ross Friedman Ference, LLP | 8 | $ 80,917,591 | |
| Skadden, Arps, Slate, Meagher & Flom, LLP | 7 | $ 600,955,499 | |
| Goodwin Procter, LLP | 7 | $ 215,779,504 | |
| Ellenoff Grossman & Schole LLP | 7 | $ 57,042,791 | |
| Dorsey & Whitney, LLP | 7 | $ 51,219,002 | |
| Troutman Sanders, LLP | 6 | $ 116,686,222 | |
| K&L Gates LLP | 6 | $ 115,578,000 | |
| Proskauer Rose, LLP | 5 | $ 1,421,287,856 | |
| Seward & Kissel LLP | 5 | $ 727,646,381 | |
| Thompson & Hine, LLP | 5 | $ 212,001,255 | |
| Wyrick Robbins Yates & Ponton, LLP | 5 | $ 96,517,566 | |
| Baker, Donelson, Bearman, Caldwell & Berkowitz, PC | 5 | $ 92,592,021 | |
| Morrison & Foerster, LLP | 5 | $ 57,662,047 | |
| Reeder & Simpson P.C. | 4 | $ 183,110,436 | |
| Wilmer Cutler Pickering Hale & Dorr, LLP | 4 | $ 133,002,789 | |
| Wilson Sonsini Goodrich & Rosati | 4 | $ 56,436,816 | |
| Davis Graham & Stubbs, LLP | 4 | $ 51,065,145 | |
| Fenwick & West, LLP | 4 | $ 42,029,999 | |
Legal counsel rankings exclude all 144-A
Offerings, Equity Lines of Credit, At the Market Transactions,
Rights Offerings, Bought Deals, and all PIPE transactions conducted
by foreign issuers that trade in the U.S. on the Pink Sheets.
Data is for closed and definitive agreement transactions reported
as of 10/04/13.
The 2013 PIPE Market Investor Counsel
League Table
By Number of Transactions:
| Legal Counsel | Transaction Count | Total Amount Advised |
| Schulte Roth & Zabel, LLP | 34 | $ 1,698,349,306 |
| Greenberg Traurig, LLP | 13 | $ 115,102,462 |
| Lowenstein Sandler, PC | 8 | $ 67,861,061 |
| Ellenoff Grossman & Schole LLP | 8 | $ 21,243,337 |
| Vinson & Elkins, LLP | 6 | $ 217,837,706 |
| Katten Muchin Rosenman, LLP | 5 | $ 234,076,000 |
| Peter J. Weisman, PC | 5 | $ 18,225,000 |
| Grushko & Mittman, PC | 4 | $ 20,767,670 |
| Willkie, Farr & Gallagher | 3 | $ 248,242,399 |
| Ropes & Gray | 3 | $ 235,761,009 |
| Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC | 3 | $ 46,000,472 |
| Proskauer Rose, LLP | 2 | $ 406,412,015 |
| Kirkland & Ellis | 2 | $ 90,200,000 |
| DLA Piper | 2 | $ 45,000,005 |
| Matthew M. Guest, Esq. | 2 | $ 45,000,005 |
| Wachtell, Lipton, Rosen & Katz | 2 | $ 45,000,005 |
| Cooley LLP | 2 | $ 37,000,000 |
| Olshan Frome Wolosky LLP | 2 | $ 32,104,500 |
| Gallant Y.T. Ho & Company | 2 | $ 24,510,000 |
| Akin, Gump, Strauss, Hauer & Feld, LLP | 2 | $ 21,394,000 |
| O'Melveny & Myers, LLP | 2 | $ 20,995,500 |
| Reed Smith, LLP | 2 | $ 7,574,588 |
| David Kahan, P.A. | 2 | $ 4,000,000 |
| Latham & Watkins, LLP | 1 | $ 364,999,970 |
| Clifford Chance US, LLP | 1 | $ 209,440,000 |
Legal counsel rankings exclude all 144-A Offerings, Equity Lines
of Credit, At the Market Transactions, Rights Offerings, Bought
Deals, and all PIPE transactions conducted by foreign issuers that
trade in the U.S. on the Pink Sheets. Data is for closed and
definitive agreement transactions reported as of 10/04/13.
The 2013 PIPE Market Placement Agent
Counsel League Table
By Number of Transactions:
| Legal Counsel | Transaction Count | Total Amount Advised |
| Ellenoff Grossman & Schole LLP | 38 | $ 255,381,451 |
| Goodwin Procter, LLP | 23 | $ 407,164,947 |
| Proskauer Rose, LLP | 14 | $ 748,605,264 |
| Lowenstein Sandler, PC | 9 | $ 127,269,187 |
| Morrison & Foerster, LLP | 6 | $ 138,475,011 |
| Latham & Watkins, LLP | 5 | $ 216,553,385 |
| Cooley LLP | 4 | $ 137,308,335 |
| Faegre Baker Daniels LLP | 4 | $ 65,692,566 |
| Loeb & Loeb, LLP | 4 | $ 52,562,498 |
| Sichenzia Ross Friedman Ference, LLP | 4 | $ 20,400,000 |
| Covington & Burling | 3 | $ 203,227,361 |
| Fried, Frank, Harris, Shriver & Jacobson | 3 | $ 160,001,255 |
| Dechert, LLP | 3 | $ 117,667,566 |
| DLA Piper | 3 | $ 96,877,500 |
| K&L Gates LLP | 3 | $ 49,605,000 |
| Morgan, Lewis & Bockius, LLP | 3 | $ 45,671,581 |
| LeClairRyan, PC | 3 | $ 39,257,996 |
| Pryor Cashman Sherman & Flynn, LLP | 3 | $ 22,766,501 |
| McGuireWoods, LLP | 2 | $ 899,999,988 |
| Choate, Hall & Stewart, LLP | 2 | $ 117,961,250 |
| Ropes & Gray | 2 | $ 72,466,811 |
| Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, PC | 2 | $ 55,250,000 |
| Jones Day | 2 | $ 55,098,750 |
| Patton Boggs, LLP | 2 | $ 45,000,005 |
| Reed Smith, LLP | 2 | $ 22,508,750 |
Legal counsel rankings exclude all 144-A Offerings, Equity Lines of Credit, At the Market Transactions, Rights Offerings, Bought Deals, and all PIPE transactions conducted by foreign issuers that trade in the U.S. on the Pink Sheets. Data is for closed and definitive agreement transactions reported as of 10/04/13.
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dynamically updating League Tables are available online at:
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