California-based SVB Financial Group completed the acquisition of Boston-based Leerink Holdings LLC, the parent company of healthcare i-bank Leerink Partners LLC.

The new company, SVB Leerink, will be a wholly owned unit of SVB Financial led by Jeff Leerink as CEO. James Boylan will serve as president and head of investment banking and Joe Gentile as chief administrative officer.

SVB acquired Leerink for $280 million in upfront cash and will provide a retention pool for employees of $60 million to be paid over five years.

Keefe Bruyette & Woods acted as SVB's financial adviser, and Sullivan & Cromwell LLP acted as legal counsel. For Leerink, Sandler O'Neill & Partners LP was financial adviser, and Skadden Arps Slate Meagher & Flom LLP was legal counsel.