SVB Securities

SVB Securities is an investment bank, specializing in healthcare and technology. SVB Securities was founded in 1995 by Jeffrey A. Leerink, and is headquartered in Boston, with offices in New York City, San Francisco, and Charlotte.[1]

SVB Securities LLC
TypeLLC
IndustryFinancial services
Founded1995 (1995)
FounderJeffrey A. Leerink
HeadquartersExchange Place
Boston, MA, United States
ProductsInvestment banking
ParentSVB Financial Group
Websitesvbsecurities.com

History

SVB Securities was founded in 1995 as Leerink Swann LLC.[1][2] The following year, the bank established MEDACorp expert network as a joint venture with Dr. Dan Dubin.[1] It acted as a strategic knowledge resource at Leerink, using validation of new products and commercial viability in the assessment of company financials, and corporate due diligence in the medial field as part of a merger and acquisition advisory or capital raising.[1]

In 1999, Inc. named the bank as the magazine's America's 500 fastest growing private companies.[3]

A 2010 probe into expert network focused on potential for conflict of interest and insider dealings through expert network across the entire industry.[4] The U.S. Securities and Exchange Commission (SEC) investigated a 2009 merger between Cougar Biotech and Johnson & Johnson in which Leerink advised Cougar.[5] MedaTech client SAC Capital had been an investor in Cougar Biotech. The focus of the investigation was whether any information about the transaction flowed from Leerink via MedaTech to SAC.[5] According to Leerink, the firm operated strict information barriers.[6] Speculations about MedaTech's shut down as part of the investigation proved unfounded.[7][8]

In 2012, the SEC charged a former Leerink analyst for insider trading. The analyst had obtained confidential information about a merger transaction Leerink was working on and passed this information on to a friend to place trades on his behalf. The analyst gained around $600,000 from this investment and was later sentenced for insider trading.[9][10]

In 2014, Leerink Swann was rebranded as Leerink Partners LLC,[11] which by 2019, was called SVB Leerink, and was acquired by SVB Financial Group.[12]

In 2022, SVB acquired media and telecom research company MoffettNathanson.[13] Further, SVB Leerink was rebranded as SVB Securities LLC.[14]

Following the collapse of Silicon Valley Bank in March 2023, the management of SVB Securities planned to buy back their firm from the parent group.[15]

On March 17, 2023, SVB Securities' parent company filed for Chapter 11 bankruptcy, but it was not included in the Chapter 11 filing.[16]

References
  1. Groysberg, Boris; Healy, Paul M. (2013-08-07). Wall Street Research: Past, Present, and Future. Stanford University Press. ISBN 978-0804787123.
  2. "Leerink Overview". Vault. Vault. Retrieved 7 September 2017.
  3. "Business News: The Denver Post". extras.denverpost.com. Retrieved 2017-09-07.
  4. "New caution on role of expert networks". Reuters. 10 December 2010. Retrieved 2017-09-07.
  5. "SAC and Leerink Swann Under SEC Investigation • Integrity Research". Integrity Research. 2011-10-20. Retrieved 2017-09-07.
  6. "Expert networks give investors an edge - The Boston Globe". BostonGlobe.com. Retrieved 2017-09-07.
  7. Strasburg, Jenny (2010-12-10). "Probes Lead Leerink Bank To Reconsider 'Expert' Unit". Wall Street Journal. ISSN 0099-9660. Retrieved 2017-09-07.
  8. "The "Expert Network" Used By SAC Capital, Diamondback, Frontpoint And Citadel Is Closing". Business Insider. Retrieved 2017-09-07.
  9. "SEC.gov | SEC Charges Investment Bank Analyst with Illegally Tipping College Friend About Nonpublic Merger Deals". www.sec.gov. Retrieved 2017-09-07.
  10. "S.F. banker guilty of insider trading". SFGate. Retrieved 2017-09-07.
  11. "Leerink Swann Is Now Leerink Partners". Businesswire. 6 January 2014. Retrieved 7 September 2017.
  12. Group, SVB Financial. "SVB Financial Group Completes Acquisition of Healthcare Investment Bank Leerink Partners". www.prnewswire.com. Retrieved 2019-01-31.
  13. "Silicon Valley Bank agrees to acquire boutique media and telecom research firm MoffettNathanson". CNBC.
  14. "SVB Leerink LLC Announces Company Name Change to SVB Securities LLC - SVB Securities".
  15. Monks, Matthew; Tan, Gillian; Natarajan, Sridhar (2023-03-11). "SVB Securities Management Exploring Buying Firm Back". Bloomberg News.
  16. "SVB Financial seeks bankruptcy protection". Reuters. March 17, 2023. Retrieved March 17, 2023.
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