SVB Financial Group, parent company of Silicon Valley Bank, completed its acquisition of Boston-based healthcare and life science investment bank Leerink Partners.
SVB acquired Leerink for $280 million in cash up front to the unitholders and will provide a retention pool for employees of $60 million to be paid over five years.
Leerink will operate under the name SVB Leerink as a wholly-owned subsidiary of SVB Financial Group, led by Jeff Leerink as CEO, James Boylan as president and head of investment banking and Joe Gentile as chief administrative officer.
SVB believes the acquisition of Leerink will complement its commercial banking and lending products with a full range of investment banking services focused on healthcare and life science companies.
