The New Factory. – The San Francisco region is home to nearly a thousand biotechnology companies. How did they experience the Silicon Valley Bank crash?
Rodolphe Renac. – It was a hugely stressful time around March 10, and the whole weekend following. A number of big, medium and small biotech companies, as well as specialized biotech venture capitalists, had quite a bit of their cash in Silicon Valley Bank. In fact, regarding half of the biotechnology industry had an account with them. The impact also took place just before the middle of the month. However, many companies pay wages every fortnight and they no longer had access to their accounts. Everything then depended on the levels of exposure, but certain companies had all their money in this bank. However, the US government intervened on Monday by putting in place guarantee mechanisms, not to save the bank but for the funds and the depositors. It was a great relief.
What volumes of cash were concerned for biotech?
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