The founder of Silicon Valley Bank’s investment bank Jeff Leerink has won approval from U.S. bankruptcy court to buy the business for up to $130 million, according to reports late Wednesday.
Silicon Valley Bank had acquired Leerink Partners in 2018 for $280 million. SVB Financial Group, has been cleared by the court to sell SVB’s investment bank to a group of buyers led by Leerink.
The transaction will be backed with up to $100 million from the Baupost Group, plus $30 million in financing from a group led by Leerink, said the reports, which cited court filings. Leerink announced the plan on June 18 to buy the business and rename it Leerink Partners as a healthcare-focused investment bank.
“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 the June 18 statement.
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