Zealand Pharma Has 15% of Its Cash at Silicon Valley Bank

Zealand Pharma A/S, a Danish drug developer, said it has 15% of its cash at the now-closed Silicon Valley Bank.

(Bloomberg) — Zealand Pharma A/S, a Danish drug developer, said it has 15% of its cash at the now-closed Silicon Valley Bank.

Zealand, which specializes in peptide-based medicines, had about 163 million kroner ($23.5 million) at SVB as of March 10, the company said in a statement late Sunday. The drug developer is based in Copenhagen, but also has an office in Boston.

“At this time, Zealand does not know to what extent it will be able to recover all of its cash in deposit at SVB nor the timing of recovery,” the company said.

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