Opinion: The lesson biotech absolutely should not take from Silicon Valley Bank’s failure
As a five-time biotech CEO, I’ve guided my companies through recessions, supply chain disruptions, Wall Street volatility, even a global pandemic.
Yet nothing quite prepared me for the news on Thursday, March 9, that my cell therapy company’s ability to make payroll could be jeopardized by the mother of all bank runs unfolding at Silicon Valley Bank. More than $42 billion was withdrawn in a single day after venture capitalist Peter Thiel and others yelled “fire” in a crowded chat room and told their portfolio companies to divest.
