HSBC takeout of SVB UK brings brings major bank into U.K. biotech

The U.K. life science sector is gaining one of the world’s largest banks as its newest backer after HSBC agreed to acquire the U.K. arm of Silicon Valley Bank, with depositors receiving full access to their funds as of Monday.

HSBC has nearly $3 trillion in global assets, but it had very little exposure to the U.K. healthcare space before its takeout of SVB UK. According to BioCentury’s BCIQ database, HSBC had primarily been involved in biotech via its Asian arm, which had underwritten IPOs and follow-ons in China, or via financing public debt for large-cap biopharmas. ...