The failure of Silicon Valley Bank, the largest bank failure since Washington Mutual collapsed in 2008, has raised concerns among investors about potential contagion, but also about the significant exposure of the biotech sector to a bank that had long been a go-to financial institution for tech and biopharma companies as well as venture capital firms.
On 10 March, the Federal Deposit Insurance Corporation took over SVB after financial regulators in California closed it down and moved to protect depositors at the bank, which operated 17 branches in California and Massachusetts