From engineering to Wall Street: Ankit Aggarwal on building a career at the intersection of science and finance

With a decade of experience across global capital markets, Ankit Aggarwal has built a career at the intersection of finance, science, and strategy. From India’s most prestigious engineering institution to leading biotech transactions on Wall Street, he has helped healthcare companies navigate critical inflection points, raising billions in capital and executing high-impact mergers and acquisitions (M&A) transactions. In this conversation, he reflects on the journey, the lessons, and the purpose that drives his work today.

Q: Could you share insights into your professional trajectory over the past decade, and where you currently stand on that journey?
A. It’s been a dynamic and evolving journey. I began with an engineering background from IIT Bombay, where I earned both undergraduate and graduate degrees in Chemical Engineering. During that time, I became increasingly interested in capital markets and finance. I explored the field independently—studying the fundamentals, pursuing finance certifications, laying the foundation to understand the financial system and how it shapes industries and innovation. Right after my undergraduate, I started my professional career in sales and trading. I spent a few months as a trader and then worked at Morgan Stanley as a strategist in fixed income markets, covering macro markets. It was a fast-paced and intellectually rich experience, but I realised I wanted to collaborate more directly with companies, to help shape strategy and support growth. That led me to pursue an MBA at NYU Stern and transition into investment banking. Today, I serve as an Executive Director at J.P. Morgan in the healthcare investment banking group, where I advise healthcare companies across the private and public spectrum. It is a role that combines deep strategic work with the opportunity to contribute to something larger—helping bring scientific innovation to patients.

Q: What drew you to healthcare specifically?
A. Healthcare is where finance meets purpose. The companies I advise are developing therapies that change lives and solve important unmet needs for patients. There is a real sense of impact, of helping innovation move from the lab to patients. For example, the capital I have helped biotech companies raise has led directly to them bringing novel therapies to patients globally. That blend of mission and complexity is what makes the space so intellectually and professionally rewarding.

Q: Are there any standout moments in your career so far?
A. A few stand out. The closest to my heart was advising an oncology company on a strategic asset sale of an important commercial cancer drug, which had much better results than chemotherapy. Executing the transaction meant keeping this drug on the market, with patients having access to this important medication. This was obviously one of those transactions where you can see the direct and tangible first-hand impact of your work.

Q: How has the biotech capital markets landscape evolved in recent years?
We have seen a shift from the exuberance of the COVID era to a more normalised, disciplined environment. While generalist investors have pulled back, there’s still substantial specialist capital at work — but with a sharper lens. Successful financings today are typically reserved for de-risked, late-stage companies with marquee investors and near-term catalysts. The bar is higher, but the capital is still there for the right stories.

Q: What is your approach to advising companies looking to go public in this environment?
A. Start early. Build relationships with investors and advisors before you are in the market. Prioritise shareholder quality over short-term valuation. Cash is king — it gives you options, especially when you are burning through it. And most importantly, remember that an IPO is not an endpoint. It is the beginning of a new value inflection juncture — one that requires discipline, communication, and long-term thinking.

Q: You have had quite a broad range of experiences. Can you elaborate on that, and share what personally drives you in this line of work?
A. My experience has been both diverse and deeply rewarding. I have had the opportunity to advise healthcare companies across a wide spectrum — from early-stage, pre-revenue startups to multi-billion-dollar public firms. These companies span geographies, business models, and sub-sectors, and each one presents a unique set of challenges and strategic considerations. Business decisions and capital strategies can vary significantly depending on the regulatory environment, the maturity of the company, and the financial ecosystem they operate within

What drives me — and has always driven me — is a combination of curiosity and impact. I am fascinated by how complex systems work and how they can be improved. Healthcare investment banking lets me apply that mindset in an industry that truly matters. I get to work directly with the decision-makers shaping the future of medicine. If I can help a company secure the capital it needs to bring a life-changing therapy to patients, that is incredibly fulfilling — and it is what keeps me showing up with purpose every day.

Q: What advice would you give to someone aspiring to follow a similar path from India or anywhere else?
A. Be curious. Stay open. And be willing to put in the work. You do not need every advantage at the start, but you do need persistence, humility, and a desire to keep learning. The world is full of opportunities if you show up prepared and stay grounded in your values.

*Authored by Priyanka Chaki

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