Silicon Valley Bank's headquarters is shown in this August 2019 file photo. Photo by Sundry Photography | iStock/File

The investment bank arm of Silicon Valley Bank is back to being an independent entity after the judge in SVB’s Chapter 11 bankruptcy proceedings approved a $55 million buyout offered by the unit’s executives.

SVB Securities had been known as Leerink Partners for many years until its purchase by SVB in 2018. With the buyout led by CEO Jeff Leerink and backed by investment managers The Baupost Group, the company is reverting back to its old name.

Leerink plans to continue to focus on healthcare investment banking. SVB has been in bankruptcy court since it failed in March and was taken over by Raleigh, North Carolina-based First Citizens Bank.

“The rapid evolution of the healthcare and life sciences industry presents a tremendous growth opportunity that is being driven by next generation drug discovery and development technologies, a growing emphasis on improving patient outcomes and experiences, the challenges of managing the health issues of an aging population, and the uptick in consolidation across the industry,” Leerink Vice Chairman Daniel Dubin said in a statement when the buyout deal was first announced last month.