Leerink Partners

Last updated
DandE, LLC
Formerly
  • Leerink Swann (1995–2014)
  • SVB Leerink (2019–2022)
  • SVB Securities (2022–2023)
Company type Private
Industry Financial services
Founded1995;29 years ago (1995)
FounderJeffrey A. Leerink
Headquarters
Exchange Place
Boston, Massachusetts
,
United States
Products Investment banking
Parent SVB Financial Group (2019–2023)
Website leerink.com

DandE, LLC is an American 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]

Contents

History

Leerink Partners was founded in 1995 as Leerink Swann LLC. [2] [4] The following year, the bank established MEDACorp expert network as a joint venture with Dr. Dan Dubin. [2] 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. [2]

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 $55 million in cash besides repayment of $26 million 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]

Services

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]

Related Research Articles

<span class="mw-page-title-main">U.S. Securities and Exchange Commission</span> Government agency overseeing stock exchanges

The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. Its primary purpose is to enforce laws against market manipulation.

The 2003 mutual fund scandal was the result of the discovery of illegal late trading and market timing practices on the part of certain hedge fund and mutual fund companies.

<span class="mw-page-title-main">Fidelity Investments</span> American multinational financial services corporation

Fidelity Investments, formerly known as Fidelity Management & Research (FMR), is an American multinational financial services corporation based in Boston, Massachusetts. Established in 1946, the company is one of the largest asset managers in the world, with $5.4 trillion in assets under management, and $14.1 trillion in assets under administration, as of June 2024, Fidelity Investments operates a brokerage firm, manages a large family of mutual funds, provides fund distribution and investment advice, retirement services, index funds, wealth management, securities execution and clearance, asset custody, and life insurance.

<span class="mw-page-title-main">Piper Sandler Companies</span> American financial services company

Piper Sandler Companies is an American multinational investment bank and financial services company, focused on mergers and acquisitions, financial restructuring, public offerings, public finance, institutional brokerage, investment management and securities research. Through its principal subsidiary, Piper Sandler & Co., the company targets corporations, institutional investors, and public entities.

Jefferies Group LLC is an American multinational independent investment bank and financial services company that is headquartered in New York City. The firm provides clients with capital markets and financial advisory services, institutional brokerage, securities research, and asset management. This includes mergers and acquisitions, restructuring, and other financial advisory services. The Capital Markets segment also includes its securities trading and investment banking activities.

<span class="mw-page-title-main">Evercore</span> American financial services company

Evercore Inc., formerly known as Evercore Partners, is a global independent investment banking advisory firm founded in 1995 by Roger Altman, David Offensend, and Austin Beutner. The firm has advised on over $4.7 trillion of merger, acquisition, and restructuring transactions since its founding.

<span class="mw-page-title-main">GTCR</span> American private equity firm

GTCR LLC is a Chicago, Illinois-based private equity firm focused on leveraged buyout, leveraged recapitalization, growth capital and rollup transactions. The firm principally invests in high-growth industries, including financial services & technology, healthcare, information services & technology, and growth business services.

<span class="mw-page-title-main">Canaccord Genuity</span> Canadian financial company

Canaccord Genuity Group Inc. is an investment banking and financial services company that specializes in wealth management and brokerage in capital markets. It is the largest independent investment dealer in Canada. The firm focuses on growth companies, with operations in 10 countries. Canaccord Genuity, the international capital markets division, is based in Canada, with offices in the US, the UK, France, Germany, Ireland, Hong Kong, China, Singapore, Dubai, Australia, Barbados, and The Bahamas.

<span class="mw-page-title-main">Oppenheimer Holdings</span> American multinational independent investment bank

Oppenheimer Holdings Inc. is an American multinational independent investment bank and financial services company offering investment banking, financial advisory services, capital markets services, asset management, wealth management, and related products and services worldwide. The company, which once occupied the One World Financial Center building in Manhattan, now bases its operations at 85 Broad Street in New York City.

Robertson Stephens is a wealth management firm serving high net worth individuals and family offices. The firm is registered with the United States Securities and Exchange Commission as an investment advisor.

McDonald & Co. was a full-service investment firm based in Cleveland, Ohio, established in 1927. Internally, it was referred to as "McD" (mick-D). It was sold to hometown bank KeyCorp in 1998, but was eventually sold to the U.S. investment arm of Swiss banking giant UBS AG in 2007.

Guggenheim Partners, LLC is a global investment and advisory financial services firm that engages in investment banking, asset management, capital markets services, and insurance services.

Lindsay A. Rosenwald is an American doctor, biotechnology and life sciences industry investor. He is the co-founder of the healthcare private equity firm Opus Point Partners. Rosenwald has created and sold several biotechnological companies. In 2013 he established Fortress Biotech.

Huron Consulting Group, commonly known as Huron, is a management consulting firm offering services to the healthcare, life sciences, commercial, and higher education industries.

<span class="mw-page-title-main">Silicon Valley Bank</span> American commercial bank

Silicon Valley Bank (SVB) is a commercial bank division of First Citizens BancShares. The bank was previously the primary subsidiary of SVB Financial Group, a publicly traded bank holding company that had offices in 15 U.S. states and over a dozen international jurisdictions.

Mizuho Americas was established on July 1, 2016 as a US bank holding company, as the American corporate and investment banking arm of the Tokyo-based Mizuho Financial Group.

<span class="mw-page-title-main">S.A.C. Capital Advisors</span> Group of hedge funds

SAC Capital Advisors was a group of hedge funds founded by Steven A. Cohen in 1992. The firm employed approximately 800 people in 2010 across its offices located in Stamford, Connecticut and New York City, and various offices. It reportedly lost many of its traders in the wake of various investigations by the Securities and Exchange Commission (SEC). In 2010, the SEC opened an insider trading investigation of SAC and in 2013 several former employees were indicted by the U.S. Department of Justice. In November 2013, the firm itself pleaded guilty to insider trading charges and paid $1.2 billion in penalties. The firm shrank after returning the vast majority of its outside investor capital. Point72 Asset Management was established as a separate family office in 2014. SAC ceased to exist as a separate entity in 2016. Point 72, essentially the continuation of SAC, manages 30 Billion as of 2023.

<span class="mw-page-title-main">Citadel Securities</span> American market making firm

Citadel Securities LLC is an American market making firm providing liquidity and trade execution to retail and institutional clients, headquartered in Miami. The firm also trades futures, equities, credit, options, currencies, and Treasury bonds. It is the largest designated market maker on the New York Stock Exchange.

<span class="mw-page-title-main">SVB Financial Group</span> American bank holding company

SVB Financial Group 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 company was a member of the S&P 500 index until March 15, 2023. According to public filings, as of December 31, 2022, SVB Financial Group had 164 subsidiaries.

References

  1. 1 2 3 4 5 6 7 8 9 10 Philips, Nancy (20 November 2023). "Leerink Partners: The Story of One of Boston's Prominent Investment Bank". Global World Technology. Retrieved 21 January 2024.
  2. 1 2 3 4 Groysberg, Boris; Healy, Paul M. (2013-08-07). Wall Street Research: Past, Present, and Future. Stanford University Press. ISBN   978-0804787123.
  3. ↑ Stinnett, Joel (August 25, 2021). "Senor Reporter". Nashville Business Journal. Retrieved July 12, 2023.
  4. ↑ "Leerink Overview". Vault. Retrieved 7 September 2017.
  5. ↑ "Business News: The Denver Post". extras.denverpost.com. Retrieved 2017-09-07.
  6. 1 2 3 4 5 6 7 8 "How Leerink Partners Became the Go-To Bank for Healthcare Companies". San Francisco Examiner . 21 December 2023. Retrieved 21 January 2024.
  7. ↑ "New caution on role of expert networks". Reuters. 10 December 2010. Retrieved 2017-09-07.
  8. 1 2 "SAC and Leerink Swann Under SEC Investigation • Integrity Research". Integrity Research. 2011-10-20. Retrieved 2017-09-07.
  9. ↑ "Expert networks give investors an edge - The Boston Globe". BostonGlobe.com. Retrieved 2017-09-07.
  10. ↑ Strasburg, Jenny (2010-12-10). "Probes Lead Leerink Bank To Reconsider 'Expert' Unit". Wall Street Journal. ISSN   0099-9660 . Retrieved 2017-09-07.
  11. ↑ "The "Expert Network" Used By SAC Capital, Diamondback, Frontpoint And Citadel Is Closing". Business Insider. Retrieved 2017-09-07.
  12. ↑ "SEC.gov | SEC Charges Investment Bank Analyst with Illegally Tipping College Friend About Nonpublic Merger Deals". www.sec.gov. Retrieved 2017-09-07.
  13. ↑ "S.F. banker guilty of insider trading". SFGate. Retrieved 2017-09-07.
  14. ↑ "Leerink Swann Is Now Leerink Partners". Businesswire. 6 January 2014. Retrieved 7 September 2017.
  15. ↑ "SVB Financial Group Completes Acquisition of Healthcare Investment Bank Leerink Partners". www.prnewswire.com (Press release). SVB Financial Group. Retrieved 2019-01-31.
  16. ↑ Sherman, Alex (13 December 2021). "Silicon Valley Bank agrees to acquire boutique media and telecom research firm MoffettNathanson". CNBC . Retrieved 13 December 2021.
  17. ↑ "SVB Leerink LLC Announces Company Name Change to SVB Securities LLC". Leerink Partners. 1 February 2022. Retrieved 1 February 2022.
  18. ↑ Monks, Matthew; Tan, Gillian; Natarajan, Sridhar (2023-03-11). "SVB Securities Management Exploring Buying Firm Back" . Bloomberg News.
  19. ↑ "SVB Financial seeks bankruptcy protection". Reuters. March 17, 2023. Retrieved March 17, 2023.
  20. ↑ Sebastian, Dave (June 19, 2023). "SVB Securities to Be Acquired in Management Buyout" . The Wall Street Journal. Archived from the original on June 19, 2023.
  21. ↑ Chesto, Jon (July 17, 2023). "How Boston's biggest investment bank was reborn after SVB collapsed" . The Boston Globe. Archived from the original on July 17, 2023.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.