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]
 | |
 Headquarters at Exchange Place | |
| Formerly |
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|---|---|
| Company type | Private |
| Industry | Financial services |
| Founded | 1995 |
| Founder | Jeffrey A. Leerink |
| Headquarters | , |
| Products | Investment banking |
| Parent | SVB Financial Group (2019–2023) |
| Website | leerink |
History
editLeerink 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
editThe 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]
References
edit- ^ a b c d e f g h i j Philips, Nancy (20 November 2023). "Leerink Partners: The Story of One of Boston's Prominent Investment Bank". Global World Technology. Retrieved 21 January 2024.
- ^ a b c d Groysberg, Boris; Healy, Paul M. (2013-08-07). Wall Street Research: Past, Present, and Future. Stanford University Press. ISBN 978-0804787123.
- ^ Stinnett, Joel (August 25, 2021). "Senor Reporter". Nashville Business Journal. Retrieved July 12, 2023.
- ^ "Leerink Overview". Vault. Retrieved 7 September 2017.
- ^ "Business News: The Denver Post". extras.denverpost.com. Retrieved 2017-09-07.
- ^ a b c d e f g h "How Leerink Partners Became the Go-To Bank for Healthcare Companies". San Francisco Examiner. 21 December 2023. Retrieved 21 January 2024.
- ^ "New caution on role of expert networks". Reuters. 10 December 2010. Retrieved 2017-09-07.
- ^ a b "SAC and Leerink Swann Under SEC Investigation • Integrity Research". Integrity Research. 2011-10-20. Retrieved 2017-09-07.
- ^ "Expert networks give investors an edge - The Boston Globe". BostonGlobe.com. Retrieved 2017-09-07.
- ^ Strasburg, Jenny (2010-12-10). "Probes Lead Leerink Bank To Reconsider 'Expert' Unit". Wall Street Journal. ISSN 0099-9660. Retrieved 2017-09-07.
- ^ "The "Expert Network" Used By SAC Capital, Diamondback, Frontpoint And Citadel Is Closing". Business Insider. Retrieved 2017-09-07.
- ^ "SEC.gov | SEC Charges Investment Bank Analyst with Illegally Tipping College Friend About Nonpublic Merger Deals". www.sec.gov. Retrieved 2017-09-07.
- ^ "S.F. banker guilty of insider trading". SFGate. Retrieved 2017-09-07.
- ^ "Leerink Swann Is Now Leerink Partners". Businesswire. 6 January 2014. Retrieved 7 September 2017.
- ^ "SVB Financial Group Completes Acquisition of Healthcare Investment Bank Leerink Partners". www.prnewswire.com (Press release). SVB Financial Group. Retrieved 2019-01-31.
- ^ Sherman, Alex (13 December 2021). "Silicon Valley Bank agrees to acquire boutique media and telecom research firm MoffettNathanson". CNBC. Retrieved 13 December 2021.
- ^ "SVB Leerink LLC Announces Company Name Change to SVB Securities LLC". Leerink Partners. 1 February 2022. Retrieved 1 February 2022.
- ^ Monks, Matthew; Tan, Gillian; Natarajan, Sridhar (2023-03-11). "SVB Securities Management Exploring Buying Firm Back". Bloomberg News.
- ^ "SVB Financial seeks bankruptcy protection". Reuters. March 17, 2023. Retrieved March 17, 2023.
- ^ 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.
- ^ 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.