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SVB Financial closes a deal to sell its investment banking division

June 19, 2023
minute read

SVB Financial Group announced on Sunday that it has entered into an agreement to sell its investment banking division, SVB Securities, to a consortium led by the division's CEO, Jeff Leerink, and supported by The Baupost Group.

According to SVB Financial, Leerink's group emerged as the top bidder for SVB Securities, although the specific financial terms of the transaction were not disclosed. Following the sale, SVB Securities will undergo a rebranding process and will maintain its focus on investments within the healthcare industry.

In a statement, Jeff Leerink expressed his enthusiasm for returning to the organization's roots and assuming leadership of the premier healthcare investment bank. He stated, "The management team and I are thrilled to reclaim our position as the trusted Leerink Partners brand, leading the way in healthcare investment banking. With nearly three decades of experience as strategic advisors to our corporate and investor clients, this transaction enables us to continue providing the highest caliber advice and execution services for their M&A, capital raising, and investment requirements."

After the collapse of Silicon Valley Bank in March, the Federal Deposit Insurance Corporation assumed control, while First Citizens BancShares Inc. acquired the bank's loans and deposits.

The management buyout agreement, announced on Sunday, is contingent upon approval from the U.S. bankruptcy court and the fulfillment of other customary closing conditions.

Bryan Curtis
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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