Bloomberg / 2023-03-10 22:497
Biotech companies are racing to assess the damage from the failure at SVB Financial Group, the latest issue facing many of the startups in search of cash.
SVB, which collapsed Friday after a run on assets, plays a large role in financing early-stage life sciences and health-care companies. Venture-backed health companies account for 12% of SVB's $173 billion of deposits and 36% of $168 billion in funds held off balance sheets as of year-end.
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