Frederick Frank (businessman)
Frederick Frank | |
|---|---|
| Born | 31 May 1932 Salt Lake City, Utah, U.S. |
| Died | 11 September 2021 (aged 89) |
| Occupation | Investment banker |
| Years active | 1958–2021 |
| Known for | Pioneering investment banking in biotechnology, pharmaceuticals, and healthcare services |
Frederick Frank (May 31, 1932 – September 11, 2021) was a prominent American investment banker with a career spanning more than five decades on Wall Street. He is widely acknowledged as the pioneering investment banker who specialized exclusively in the fields of biotechnology, pharmaceuticals, and healthcare services.
By 2014, Frank had co-established and was serving as chairman of EVOLUTION Life Science Partners. His previous leadership roles included vice chairman positions at Lehman Brothers, Barclays Capital, and the Peter J. Solomon Company. Over his tenure, he managed underwriting activities for upwards of 125 initial public offerings and facilitated over 75 mergers and acquisitions.
In 2005, he earned recognition as one of the top 100 individuals contributing significantly to biotechnology.
Early life and education
Born on May 31, 1932, in Salt Lake City, Utah, Frederick Frank was the son of Simon and Suzanne Frank. Simon operated a men’s clothing business originally founded by his father, Arthur Frank. Frederick completed his secondary education at Connecticut’s Hotchkiss School in 1950. He then earned a bachelor’s degree in philosophy from Yale University in 1954. Following his undergraduate studies, he served in the U.S. Army stationed primarily at Supreme Headquarters Allied Powers Europe (SHAPE) in Paris from 1954 to 1956. Subsequently, he obtained an MBA from Stanford Graduate School of Business in 1958.
Career
Frank began his professional journey in 1958 by joining Smith, Barney and Company, attracted by their robust research capabilities. He became Wall Street’s inaugural analyst dedicated solely to the pharmaceutical industry after advocating for the separation of pharmaceutical research from chemical research sectors. By 1962, his coverage expanded to include broader life sciences areas such as medical devices and healthcare services, culminating in his advancement to co-leader of research, vice president, and director.
In 1969, Frank transitioned to Lehman Brothers as its first external partner. Moving from research into investment banking, he concentrated on capital raising and mergers and acquisitions. He was instrumental in developing novel transaction structures that linked emerging biotech companies with established pharmaceutical firms.
Frank led Lehman Brothers’ advisory team during Humana’s acquisition of American Medicorp in 1978. During this period, he brought Mary Catherine Tanner onboard; she later became both his spouse and business collaborator. In 1995, Frank ascended to vice chairman at Lehman Brothers while Tanner was appointed senior managing director.
During the late 1970s, Frank provided counsel to early biotech innovators including Cetus and Genentech, recognizing the groundbreaking potential of recombinant DNA technology. He oversaw Cetus’s pioneering IPO in 1981 and played critical roles in Bristol-Myers Squibb’s merger in 1989 as well as Hoffmann-La Roche’s purchase of Genentech in 1990—transactions that embodied his “strategy of convergence” aligning pharmaceutical companies with biotech enterprises.
Following Barclays Capital’s acquisition of Lehman’s U.S. capital markets division in 2008, Frank assumed the role of vice chairman at Barclays Capital. In 2009, both he and Tanner joined Peter J. Solomon to launch a dedicated pharmaceuticals and life sciences advisory practice; Frank served as vice chairman while Tanner held the position of managing director.
By 2013, they moved to Burrill & Company where Frank chaired Burrill Securities and acted as vice chairman of Burrill & Company; Tanner took on the role of Senior Managing Director. In 2014, they founded EVOLUTION Life Science Partners with Frank as chairman. Across his extensive career, Frank has held multiple advisory capacities and board memberships within the life sciences investment community.
Philanthropy
The Tanner Frank Foundation, based in New York City, was granted charitable status in October 1997. Frank contributed to Yale University's School of Management (SOM) as a member of its advisory board and was instrumental in funding initiatives such as a fellowship for language studies and a visiting professorship established in 1998. In 2007, he provided an endowment for a professorship, which Gary Gorton first occupied in 2009 as Yale's initial Frederick Frank Class of 1954 Professor of Management and Finance. On April 9, 2012, Olav Sorenson was appointed the inaugural Frank and Tanner Professor of Management.
Frank died on September 11, 2021, at the age of 89.
Awards and honors
- 2019: Richard J. Bolte Sr. Award recognizing support for industries
- 2006: Visionary Award from Gilda's Club of New York City
- 2005: Listed among the Top 100 living contributors to biotechnology by Reed Elsevier
- 2004: Albert Einstein Award presented by the Weizmann Institute of Science
- 1998: Recognition for Outstanding Contributions in Immunology from the Irvington Institute for Immunological Research
- 1997: Inducted into the Hall of Fame at The Biotech Meeting in Laguna Niguel, California