SVB Financial Group, the bankrupt former owner of Silicon Valley Bank, won court permission to sell its investment banking arm for $100 million, four years after it paid $280 million for the unit.
The buyers include Jeff Leerink and his management team. Leerink founded the investment advisory and continued running the unit after the bank holding company bought it. The sale is also backed by Baupost Group.
US Bankruptcy Judge Martin Glenn had initially refused to approve the sale because it released too many SVB Financial executives from any potential lawsuits related to the collapse of the Silicon Valley Bank, which was taken over by regulators earlier this year.
Read the full story on Bloomberg here.