Chinese biotech doing US-China cross-border deals have long used Silicon Valley Bank as the go-to bank for such transactions. Mostly due to China’s strict control over foreign currency flow. Many biotechs have chosen the bank to deposit their dollar funds. Now the collapse of the bank has generated rippling effect to the sector.
Chinese Biotech Expects Limited Impact From SVB Aftermath
Financing Decoupling Already Underway
Favored by venture capital funds, Silicon Valley Bank has served biotech firms conducting transactions in the US. But its collapse is generating a ripple effect on Chinese start-ups already hard hit by a funding crunch.
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