The unit will be renamed Leerink Partners (its name prior to the SVB takeover). MoffettNathanson LLC, the company’s research business will remain part of the SVB financial group, as it is not included in the deal.
The group of bidders led by Leerink, who is CEO of SVB Securities, will acquire the business for cash, paying off the intercompany bond and equity instrument at 5%.
“With strong financial support from the Beaupost Group, the company is extremely well positioned to continue building on its leadership position in healthcare investment banking,” the company said in a statement.
The move comes after SVB Securities’ management was said to be exploration Buy back the unit After Silicon Valley Bank, the former parent company of SVB Financial (OTCPK: SIVBQ), fell into FDIC receivership in March.
A hearing on the proposed deal is scheduled for June 29.
The transaction will be subject to final confirmation by the US Bankruptcy Court and regulators as well as other customary closing conditions.
