Dutch biotech Pharming says it held $45 mln in collapsed SVB
12/03/2023 19:55
AMSTERDAM, March 12 (Reuters) - Dutch biotech firm
Pharming said on Sunday it held $45 million in collapsed U.S.
lender Silicon Valley Bank's SIVB.O 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.
(Reporting by Anthony Deutsch; Editing by Alexander Smith)
((anthony.deutsch@thomsonreuters.com; +31202066563;))