HSBC 's rescue of the British arm of Silicon Valley Bank saved the heavily-exposed UK biotech sector from collapse, but the fallout could hamper funding in a sector the government sees as key to future economic growth, industry executives said.
Adrian Rawcliffe, CEO of Adaptimmune Therapeutics, a NASDAQ-listed but British-headquartered cancer company, suggested that "for smaller private start-ups, SVB was one of the few banks who really understood the risk profile of early stage, venture-backed biotech companies".
"Several CEOs I know and work with have had all of their personal cash with the bank - like literally all of it - because this was their main bank. So you can imagine the scale of anxiety," Kuzmin said.
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