Zealand Pharma A/S, a Danish drug developer, said it expects to recover all of its deposits held at the now-closed Silicon Valley Bank.
(Bloomberg) — Zealand Pharma A/S, a Danish drug developer, said it expects to recover all of its deposits held at the now-closed Silicon Valley Bank.
Zealand, which specializes in peptide-based medicines, had said in an earlier statement that it wasn’t sure to what extent it would be able to recover its deposits.
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The company had about 163 million kroner ($23.5 million) at SVB as of March 10, or about 15% of its total cash, cash equivalents and marketable securities on that date. The drug developer is based in Copenhagen, with an office in Boston.
“Zealand expects to recover all of its deposits held at SVB,” the company said in a statement on Monday. “This includes both insured and uninsured deposits.”
(Updates with company saying it expects to get all deposits backs)
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