| Leerink Partners LLC | |
| Type: | Private |
| Founder: | Jeffrey A. Leerink |
| Location: | Exchange Place Boston, Massachusetts, U.S. |
| Industry: | Financial services |
| Products: | Investment banking |
| Parent: | SVB Financial Group (2019–2023) |
Leerink Partners LLC is an independent investment bank providing healthcare companies and investors with financial services including M&A advisory, equity and debt capital markets, proprietary research, and sales and trading capabilities.[1] The firm was founded in 1995 by Jeffrey A. Leerink, and is headquartered in Boston, with offices in New York City, San Francisco, Charlotte,[2] and Nashville.[3]
Leerink Partners was founded in 1995 as Leerink Swann LLC.[4] The following year, the bank established MEDACorp expert network as a joint venture with Dr. Dan Dubin. 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.
In 1999, Inc. named the bank as one of America's 500 fastest growing private companies.[5]
In 2009, the firm expanded its investment banking footprint when 25 senior healthcare bankers joined the firm from Merrill Lynch.[1] [6]
A 2010 probe into expert network focused on potential for conflict of interest and insider dealings through expert network across the entire industry.[7] The U.S. Securities and Exchange Commission (SEC) investigated a 2009 merger between Cougar Biotech and Johnson & Johnson in which Leerink advised Cougar.[8] 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.[8] According to Leerink, the firm operated strict information barriers.[9] Speculations about MedaTech's shut down as part of the investigation proved unfounded.[10] [11]
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.[12] [13]
In 2014, Leerink Swann was rebranded as Leerink Partners LLC.[14] Leerink Partners was acquired by SVB Financial Group in 2019 and rebranded SVB Leerink.[15]
In 2015, the firm established a specialty pharmaceuticals and services franchise.[1] [6]
In 2016, the firm established a convertible capital markets business.[1] [6]
In 2019, Leerink Partners established alternative equities and ATM businesses.[1] [6]
In 2021, SVB acquired media and telecom research company MoffettNathanson LCC.[16] Further, SVB Leerink was rebranded as SVB Securities LLC.[17] In the same year, the firm hired Barry Blake as Global Co-Head of Investment Banking with a focus on Healthcare Services & Technology.[1] [6] In 2021, the firm also expanded its leadership within the financial sponsor and leveraged finance sector and added five senior bankers to its healthcare services franchise.[1] [6]
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.[18]
On March 17, 2023, SVB Securities' parent company filed for Chapter 11 bankruptcy, but SVB Securities itself was not included in the Chapter 11 filing.[19]
On June 18, 2023, SVB Financial Group agreed to sell SVB Securities in a management buyout led by the latter's CEO, Leerink. The deal, backed by funds managed by the Baupost Group, includes $55million in cash besides repayment of $26million in debt and assumption of other liabilities. MoffettNathanson LLC was not included in the sale.[20] In July 2023, the buyout was approved in bankruptcy court, and SVB Securities was renamed to Leerink Partners.[21]
The firm advises on M&A advisory, capital markets, leveraged and private capital markets.[1] [6] For investors, the firm provides experience in the healthcare sector through equity research, institutional equities, and corporate access.[1] The firm serves many clients focusing on biopharma, digital health & health tech, healthcare services, medical technology, tools & diagnostics and more.[1] [6]