Three Chinese pharma companies had 240 million in uninsured deposits with SVB
No reports of any investments in the other failed New York bank, Signature Bank.
Hot on the heels of deposits of silicon valley type and other woke investors in SVB, here Is an interesting scoop from NTD:
“Among the hardest-hit companies is BeiGene, one of China’s largest cancer-focused drugmakers. It said Monday it had more than $175 million in uninsured cash deposits at SVB, representing about 4 percent of its cash and short-term investments. The U.S. Food and Drug Administration recently approved a drug from BeiGene for treating a certain type of leukemia.
In second place, biotech company Brii Bio is also taking a major hit. It had $42 million in cash and short-term investments in SVB, about 9 percent of the company’s cash deposits. Brii Bio was part of the effort to launch the first combination therapy for COVID-19 in China.
Another pharmaceutical firm, Zai Lab, announced that its cash deposits at SVB were “immaterial” at about $23 million.”
Zai Lab can siphon another immaterial 23 million bucks to yours truly any time it has a mind to!
“These three Chinese companies, plus others, say SVB’s closure won’t impact their operations or payroll.”
Damn! Almost a quarter of a billion bucks is neither here nor there! What other investments do they have – tens of billions scattered around the US and elsewhere?
Onwards!
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Thanks PH. Hmm? Uncle Tiger won't be best pleased that Uncle Sam's bank screwed up so badly.
If China defaults on US and US defaults on China, who loses?