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The ripple effects from the Silicon Valley Bank fiasco on startups and investors

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TODAY'S TOP STORIES
The rapid meltdown of Silicon Valley Bank could have short- and long-term ripple effects on the tech startup industry.

  • GeekWire spoke with CEOs and investors to get their reaction to the government’s decision to backstop deposits and what changes they expect as a result of the bank’s sudden collapse.

  • Some startup founders are spreading their cash across multiple bank accounts to mitigate the risk of another bank failure, turning to giant institutions like JPMorgan Chase and Bank of America.

  • Fundraising might become even more difficult for startups. Silicon Valley Bank was one of the top providers of venture debt and other credit facilities.

  • But there could be some silver linings. One venture capitalist is optimistic that the Federal Reserve will reduce interest rates as a result of the failure.

  • Read the story, and follow our special coverage. 

Seattle-area biotech giant Seagen will be acquired by Pfizer in a $43 billion deal — the largest biopharma transaction in three years.

  • Bothell, Wash.-based Seagen, known as Seattle Genetics when it launched in 1998, is the largest biotech company in the region. The proposed deal values the company at approximately $229 per share, a 33% premium over its closing price Friday. Read more.

Experience management company Qualtrics is going private again in a $12.5 billion deal with Silver Lake.

  • Founded in 2002, Qualtrics is co-headquartered in Seattle and Utah. It was acquired by SAP in 2019 and spun out two years later when it raised $1.55 billion in an IPO. Read more.

A stranded Oregon driver tied his phone to a drone to help facilitate rescue.

  • Stuck in the snow on a remote mountain road, Casey Ryan of Eugene got creative in an effort to gain reception and send a text message to his wife. Read more.
Thanks for reading, and have a great week. — GeekWire managing editor Taylor Soper, taylor@geekwire.com; and GeekWire reporter Kurt Schlosser, kurt@geekwire.com.
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