SVB Financial to sell SVB Securities in management buyout

• SVB Securities is backed by The Baupost Group
• When the deal closes, the unit will be renamed Leerink Partners, which was its name before SVB’s acquisition
• The investment bank has raised more than $230 billion of capital

SVB Financial has agreed to sell Boston-based healthcare-focused investment bank SVB Securities in a management buyout.

CEO Jeff Leerink is leading the bidder group.

SVB Securities is backed by The Baupost Group.

No financial terms were disclosed.

When the deal closes, the unit will be renamed Leerink Partners, which was its name before SVB’s acquisition.

The investment bank has raised more than $230 billion of capital and advised on nearly $80 billion of M&A transactions for healthcare clients.

“Baupost has been a client of the firm for many years, and we know firsthand that when it comes to advisory, trading, or research in the healthcare and biopharma industry, no one is better than Jeff and his extraordinary team,” said Josh Greenhill, a partner at The Baupost Group in a statement. “When we got the chance to back them, we jumped at it.”

Based in Boston, Baupost manages roughly $26 billion with a broad and flexible charter, investing in a wide range of asset classes, including significant holdings in publicly traded debt and equity securities, private debt, real estate, and private equity.