13 March 2023 | Monday | News
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The company's cash held at SVB is substantially less than 1% of its total cash balance, and amounts not covered by the Federal Deposit Insurance Corporation (FDIC) is approximately $1 million.
The company expects to recover most of the cash on deposit at SVB through a combination of FDIC insurance coverage and other compensation actions. Everest Medicines has received full upfront payment of $280 million from Immunomedics, Inc., a wholly-owned subsidiary of Gilead Sciences, Inc., for the transaction around Trodelvy® rights in Asia territories, and none of the upfront payment is deposited at SVB.
Everest Medicines has a strong balance sheet of approximately $430 million of cash. The Company adopts a robust process to diversify assets across multiple financial institutions and believes that the situation at SVB has minimal impact on the company's business.
Everest Medicines Announces Silicon Valley Bank Developments Have Minimal Impact on Company