SVB Financial Group said on Sunday it has entered into an agreement to sell its investment banking division, SVB Securities, to a group led by Jeff Leerink and backed by funds managed by The Baupost Group.
The bidder group led by Leerink, who is chief executive of SVB Securities, will acquire the investment banking business for a combination of cash, repayment of an intercompany note, and a 5% equity instrument, the company said.
