SVB Securities management will buy the business for $55 million, after which the company will be renamed Leerink Partners. The Wall Street Journal reports it.

The management of the investment bank associated with SVB will buy the business for 55 million dollars

SVB Securities management, led by founder and CEO Jeff Lirink, plans to buy the company. The investors will pay down about $26 million in subordinated debt and will also take over the investment banking business associated with the failed Silicon Valley Bank.

Silicon Valley Bank collapsed in March 2023. It was the biggest US bankruptcy since the 2008 crisis. The event affected not only the US market, but also financial institutions around the world. US economists have calculated that 186 banks may face similar difficulties.

According to the WSJ, the deal is approved by funds managed by the Baupost Group of billionaire Seth Klarman, owner of Silicon Valley Bank. The transaction is expected to be approved by the court before the end of the month.

If the deal goes through, SVB Financial will receive an instrument whose value could appreciate when Leerink Partners goes public. However, MoffettNathanson’s stock market research business will not be included in the deal.

Earlier, RB.RU spoke in detail about the reasons for the collapse of Silicon Valley Bank.

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Natalia Gormaleva

Source: RB

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I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.


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