SVB Financial Group agreed to sell SVB Securities, its investment banking business, to the management team bidder group led by SVB Securities CEO Jeff Leerink and backed by The Baupost Group.

Leerink is set to take over the investment banking operations in exchange

for cash, a 5% equity instrument, and the repayment of an intercompany note. SVB said its research arm, MoffettNathanson LLC, is not included in the transaction and will remain a part of the SVB Financial Group.

The company will be rebranded as Leerink Partners and focus on healthcare.

“The Restructuring Committee and its advisors conducted a disciplined and independent process intended to maximize the value of the business for SVB Financial Group stakeholders,” said Bill Kosturos, SVB Financial Group’s Chief Restructuring Officer.

The business unit was created following SVB’s acquisition in 2018 of Leerink’s health care-focused investment bank. Following the closing, the firm will continue its strategy that has included raising more than $230 billion of capital and advising on nearly $80 billion of M&A transactions for clients in the sector.

SVB Financial Group, the former parent company of Silicon Valley Bank, filed for bankruptcy in March, one week after that bank was taken over by regulators. The Chapter 11 filing did not include SVB Securities and SVB Capital’s funds and general partner entities, the company noted at the time.

A hearing to seek court approval is scheduled for June 29.