The management team of SVB Securities has reached an agreement to buy the health care investment bank from SVB Financial.
The team, led by CEO Jeff Leerink and financial backing from The Baupost Group, will rebrand the business as Leerink Partners.
“The management team and I are excited to return to our heritage of owning and leading the premier healthcare investment bank and relaunching the business under the trusted Leerink Partners brand,” Leerink said in a press release.
“Our firm has been a strategic advisor to our corporate and investor clients for almost three decades and this transaction allows us to continue to provide our health care clients with the highest quality advice and execution services they have come to expect,” he added.
SVB bought Leerink in January 2019 for $280 million in cash. Regulators seized and closed SVB’s bank in March.
The buyout is subject to final confirmation from the U.S. Bankruptcy Court and regulatory approval.