SVB Financial Group agreed to sell SVB Securities, its investment banking business, to the management team bidder group led by SVB Securities Chief Executive Officer Jeff Leerink.

The group will acquire SVB Securities for a combination of cash, repayment of an intercompany note, assumption of certain liabilities and a 5% equity instrument in the buyer entity, SVB Financial Group said in a statement on Sunday. The securities branch will then be rebranded as Leerink Partners.

Further terms weren’t disclosed.

The deal is backed by funds managed by The Baupost Group. MoffettNathanson LLC will remain part of SVB Financial Group, as it is not included in the transaction.

“The management team and I are excited to return to our heritage of owning and leading the premier health-care investment bank and relaunching the business under the trusted Leerink Partners brand,” Leerink said in a statement.

SVB Securities management was in talks to buy back the investment bank from bankrupt SVB Financial Group, Bloomberg reported on June 1.

A hearing to seek required court approval is set for June 29.