Dutch biotech firm Pharming said on Sunday it held $45 million in collapsed U.S. lender Silicon Valley Bank’s British and U.S. units and that it will seek to recover the funds. Pharming said it held $26 million in SVB US and $19 million in SVB UK.
“Pharming’s deposits with SVB US are largely uninsured and its deposits with SVB UK largely exceed the applicable protected limit.” it added in a statement. The Leiden-based company said it was “confident” that SVB’s collapse would not materially impact its operating plans or convertible debt service obligations and other material cash requirements “for the next twelve months and beyond”.
Pharming said that it had total cash and cash equivalents, together with restricted cash, of approximately $209 million as of Dec. 31, 2022.
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