The parent company of Silicon Valley Bank has scooped up Leerink Partners for $280 million, adding a high-profile investment bank that plays a big role in the life sciences industry.
The all-cash acquisition comes with a $60 million pool to retain employees, to be paid out over 5 years.
Leerink is right at the crossroads of capital in life sciences, with a group of analysts who are marquee names in biotech, including Geoffrey Porges. The deal extends SVB’s influence well beyond the banking services that Silicon Valley Bank has become widely known for as the industry enjoys one of the biggest booms in its history. And it gives them a much bigger stake in the industry during a big IPO boom.
Jeff Leerink, the CEO of Leerink, will serve as the CEO of SVB Leerink.
“SVB and Leerink share a focus on providing financing and strategic advice at critical stages in a company’s growth and development,” said Greg Becker, CEO of SVB Financial Group and Silicon Valley Bank. “Together, we will deliver a complete capital markets offering – including debt, convertible debt and equity financing – and advisory services – including mergers & acquisitions – for private and public healthcare and life science companies. Leerink is a best-in-class firm and we look forward to welcoming our Leerink colleagues to SVB.”
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