Silicon Valley Bank subsidiary sold to management team

Healthcare investment firm SVB Securities announced Sunday that its management team would buy out the company from parent Silicon Valley Bank, the California-based lender whose brisk collapse in March shook financial markets. SVB Securities had not been included in Silicon Valley Bank’s bankruptcy filing.

“The SVB Securities management team bidder group led by CEO Jeff Leerink, and backed by The Baupost Group, today announced they have entered into a definitive agreement with SVB Financial Group to purchase SVB

Securities following a competitive bidding process,” the company said in a statement.

The amount of the buyout agreement was not specified, but the statement said that “with the strong financial backing from The Baupost Group, the firm is extremely well positioned to continue to build on its leadership position in healthcare investment banking.”