[Updated] Dutch-based Pharming Group reveals €41M tied to collapsed Silicon Valley Bank

Update on March 14th: According to the UK government, the deposits of customers have been safeguarded, and clients of SVB UK can avail their banking services and deposits as they usually would starting today. Consequently, Pharming expects to have access to the $19M (approximately €17.7M) it has on deposit at SVB UK, and to not bear any losses on these deposits.

Leiden-based biopharmaceutical company Pharming Group said in a statement on Sunday, March 12, that it has deposits of $45M (€41M) with $26M in Silicon Valley Bank US and $19M in Silicon Valley Bank UK. 

The statement comes post the collapse of Silicon Valley Bank, often referred to as the bank of startups. 

“Pharming’s deposits with SVB US are largely uninsured, and its deposits with SVB UK largely exceed the applicable protected limit,” says the statement. 

Considering its strong balance sheet and cashflows from operations, Pharming Group assured that the collapse of SVB will not significantly affect its operational plans or ability to meet cash requirements for the next twelve months and beyond. 

The Dutch company also expressed its intention to take action to retrieve funds in SVB US and SVB UK. The company says  it has no idea of the extent and duration of this process. Pharming is keeping a close eye on the situation.

The company said it has a total cash and cash equivalents together with restricted cash, of approximately $209M as of December 31, 2022. 

Pharming Group: Transforming patients’ lives

Pharming Group is a global biopharmaceutical company dedicated to transforming the lives of patients with rare, debilitating, and life-threatening diseases. 

The company is commercialising and developing a portfolio of protein replacement therapies and precision medicines, including small molecules, biologics, and gene therapies in early to late-stage development.

Pharming is headquartered in Leiden, the Netherlands, and has employees around the globe serving patients in over 30 markets in North America, Europe, the Middle East, Africa, and Asia-Pacific.