SVB Financial Group in Santa Clara, Calif., has sold its investment banking business to the unit’s management team.
The company, which saw its bank fail in March, said in a press release that SVB Securities was rebranded as Leerink Partners. The investment bank’s management team, led by CEO Jeff Leerink, was backed by funds managed by The Baupost Group.
The sale was approved by the U.S. Bankruptcy Court for the Southern District of New York.
The management team bought the business using cash, the repayment of an intercompany note, the assumption of certain liabilities and a 5% equity instrument in the buyer entity.
MoffettNathanson, a sell-side research business owned by SVB, was not included.
Centerview Partners, Sullivan & Cromwell and Alvarez & Marsal advised SVB.