By Laith Khalil
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13 Mar, 2023
It is clear that the failure of Silicon Valley Bank (SVB) has had a significant impact on the biotech industry, especially in the greater Boston area where many startups rely on the bank's lending services. The sudden closure of the bank and the risk of severe losses for large depositors had caused panic among clients, leading to a bank run and further financial losses for the bank.The impact of SVB's failure on biotech companies goes beyond just the financial losses. The biotech industry has already been going through a challenging period of layoffs and budget cuts, and the loss of a major lending institution like SVB could exacerbate these challenges. However, the quick response from federal regulators and regional agencies in fully protecting deposits and providing relief measures is a positive development.