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.
The firm was founded in 1995 by Jeffrey A. Leerink, and is headquartered in Boston, with offices in New York City, San Francisco,
Charlotte,
and Nashville.
History
Leerink Partners was founded in 1995 as Leerink Swann LLC.
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.
In 2009, the firm expanded its investment banking footprint when 25 senior healthcare bankers joined the firm from Merrill Lynch.
A 2010 probe into expert network focused on potential for conflict of interest and insider dealings through
expert network
Expert networks refer to a type of business that connects companies with expert resources or subject-matter experts, such as academics, C-levels, founders, and high-level officials to provide valuable information, data, or assistance.
Background ...
across the entire industry. The
U.S. Securities and Exchange Commission (SEC) investigated a 2009 merger between Cougar Biotech and
Johnson & Johnson
Johnson & Johnson (J&J) is an American multinational corporation founded in 1886 that develops medical devices, pharmaceuticals, and consumer packaged goods. Its common stock is a component of the Dow Jones Industrial Average and the company i ...
in which Leerink advised Cougar.
MedaTech client
SAC Capital
SAC Capital Advisors was a group of hedge funds founded by Steven A. Cohen in 1992. The firm employed approximately 800 people 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.
According to Leerink, the firm operated strict information barriers. Speculations about MedaTech's shut down as part of the investigation proved unfounded.
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.
In 2014, Leerink Swann was rebranded as Leerink Partners LLC. Leerink Partners was acquired by
SVB Financial Group
SVB Financial Group (SVB or SVBFG) is a financial services holding company headquartered in New York City. The company's main business unit was commercial bank Silicon Valley Bank, until the bank failed in March 2023 after a bank run. The co ...
in 2019 and rebranded SVB Leerink.
In 2015, the firm established a specialty pharmaceuticals and services franchise.
In 2016, the firm established a convertible capital markets business.
In 2019, Leerink Partners established alternative equities and ATM businesses.
In 2021, SVB acquired media and telecom research company MoffettNathanson LCC. Further, SVB Leerink was rebranded as SVB Securities LLC. In the same year, the firm hired Barry Blake as Global Co-Head of Investment Banking with a focus on Healthcare Services & Technology.
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.
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.
On March 17, 2023, SVB Securities' parent company filed for
Chapter 11 bankruptcy
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whe ...
, but it was not included in the Chapter 11 filing.
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. In July 2023, the buyout was approved in bankruptcy court, and SVB Securities was renamed to Leerink Partners.
Services
The firm advises on M&A advisory, capital markets, leveraged and private capital markets.
For investors, the firm provides experience in the healthcare sector through equity research, institutional equities, and corporate access.
The firm serves many clients focusing on biopharma, digital health & health tech, healthcare services, medical technology, tools & diagnostics and more.
References
{{Investment banks
2019 mergers and acquisitions
2023 mergers and acquisitions
Banks based in Massachusetts
Banks established in 1995
Companies based in Boston
Financial services companies established in 1995
Investment banks in the United States
Privately held companies based in Massachusetts