- cafead Mar 13, 2023 at 10:02: AM
via In less than 48 hours, the bank many young biotechnology companies relied on for years was gone.
On Friday, the Federal Deposit Insurance Corp. closed Silicon Valley Bank, culminating a stunning collapse that triggered alarms throughout the sector. SVB was a critical partner to biotechs, holding funds for emerging companies and their venture investors, as well as assisting with the initial public offerings they rely on as they mature. Now it is in federal receivership, with regulators holding an auction for bids by other banks to buy it.
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On Friday, the Federal Deposit Insurance Corp. closed Silicon Valley Bank, culminating a stunning collapse that triggered alarms throughout the sector. SVB was a critical partner to biotechs, holding funds for emerging companies and their venture investors, as well as assisting with the initial public offerings they rely on as they mature. Now it is in federal receivership, with regulators holding an auction for bids by other banks to buy it.
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