The panic that accompanied the collapse of the biotechnology sector’s bank of choice ebbed Sunday when the federal government moved to protect all depositors of Silicon Valley Bank.
The muscular intervention allayed the fears of the many young biotech companies that had banked with SVB, ensuring they could access their money to pay employees and fund operations.
However, the fallout of SVB’s implosion could linger longer. The government hasn’t found a buyer for SVB, leaving the fate of the bank, its employees and the relationships it built with biotech hanging in the balance.
