SVB Financial Group, the bankrupt former owner of Silicon Valley Bank, won court permission to sell its investment banking arm for $100 million, four years after it paid $280 million for the unit.
The buyers include Jeff Leerink and his management team. Leerink founded the investment advisory and continued running the unit after the bank holding company bought it. The sale is also backed by Baupost Group.
But after company officials added some restrictions to the legal releases, Glenn signed an order on Wednesday approving the sale.
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