Silicon Valley Bank Collapse Could Affect Philadelphia Life Sciences Companies

Life Science Companies in Philly May Be Affected by Bank Closing

Silicon Valley Bank’s failure — the largest in the U.S. since the 2008 financial crisis — has spawned shockwaves across the U.S. startup scene and sent some companies scrambling to secure funds for payroll and other expenses.

The panic was sparked by the bank’s announcement that it planned to raise $2.25 billion after losing $1.8 billion following the sale of securities.

SVB searched for a buyer to firm up its balance sheet, but the California Department of Financial Protection and Innovation stepped in and seized the bank on Friday morning and the Federal Deposit Insurance Corp. was named receiver. The bank has a host a startup and technology clients around the nation.

*Article courtesy of Philadelphia Business Journal

For more information about Philadelphia medical space for sale or lease or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier  medical commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors, and sellers.

Please visit our website for a full listing of Philadelphia commercial properties for sale or lease,