Jeff Gerson

On 10th March 2023, Silicon Valley Bank (SVB), the 16th largest bank in the US with approximately US$200bn assets, collapsed in a dramatic bank run. 

This failure, the third largest in US history, sent shockwaves worldwide and nearly destabilised the innovation economy. With its client base deeply rooted in startups and tech companies, many were left scrambling to secure their finances amid the uncertainty.

Among those affected was Leerink Partners, a key player in healthcare investment banking. Owned by SVB from 2019 until the bank’s collapse in 2023, Leerink has since re-emerged as a fully independent investment bank. It continues to provide specialised financial services to investors and healthcare companies, positioning itself as a trusted leader in a rapidly evolving sector. 

The successful demerger from SVB was driven by a combination of strong leadership, the dedication of Leerink’s employees and the company’s ability to pivot quickly. 

Confronting a demerger: How Leerink Partners bounced back

After SVB’s collapse in 2023, Leerink found itself “stranded in the remnants of a bankrupt holding company,” Jeff reflects. Overnight, our colleagues of four years were suddenly gone and we were no longer part of the same company. It was a jarring shift, but it also marked the beginning of a new chapter for us.”

Leerink faced the dual challenge of managing both its clients and employees amid an uncertain future. Jeff credits Leerink’s successful navigation of the demerger to the commitment of its employees and culture of flexibility as well as the firm’s resilient and adaptable IT environment. 

“We had to disentangle elements of our technology environment linked to SVB, including shared services contracts and information exchanges, to fully align with our new independent framework. We also simultaneously undertook a rebranding effort back to Leerink Partners and divested multiple lines of business, all while having to ensure minimal disruption for our clients,” he says. 

The IT Partner Network lifeline

Leerink moved quickly to redefine its technological future. Jeff spearheaded a comprehensive review of the firm’s IT strategy, realigning priorities to better suit its independent path. 

The firm initiated an enterprise data program to streamline operations, introduced a new CRM system, modernised its data centre, and reassessed its office footprint to ensure alignment with future growth. 

Maintaining robust technology systems is crucial for providing a first-class experience to both clients and internal teams. Jeff emphasises that Leerink’s partner network plays a pivotal role in this success. Key partnerships with companies like HARMAN, Ricoh, Focus Technology, and Grid Squared Systems enabled the firm to deliver tailored, high-performance technology solutions with greater adaptability. 

Looking ahead, Leerink is embracing technology and data-driven growth. In 2023, the company partnered with Element22 to design a multi-year enterprise data programme. “We’re working to catch up on several fronts, with data being a key focus. We’ve built a modern data stack that leverages Azure Data Lake and other tools, and we’re now focused on establishing the right governance structure to fully operationalise leading data capabilities.” Jeff highlights.

Leerink 2.0: Embracing technology and data-driven growth

Core technologies have been instrumental in Leerink’s digital transformation, with cloud migration, cybersecurity and AI playing key roles. 

“We’re developing a much clearer vision of what will drive our business forward. This ties closely to insights from the IT peer network, allowing us to observe what our peers are doing and strategically leverage those learnings to our advantage,” Jeff continues. 

“We're focused on redefining who we are, with new business lines, emerging opportunities, and expanded geographic reach. Post-SVB, we’re leaning more into technology to shape how we drive results and lead in our space.”