Silicon Valley Bank required some clients to agree to exclusivity clauses, disabling them from diversifying where they held their money, SEC records show.
with SVB, requiring the maker of products for managing diabetes to maintain its accounts at the bank and to transfer cash held elsewhere within 90 days of the contract.
Dexcom's agreement with SVB also required the company to open a lockbox and maintain the "majority" of the company's securities accounts with the bank.with Hyperion Therapeutics, a drugmaker that was acquired in 2015 for $1.1 billion by Horizon Pharma. Hyperion was required to bank only with SVB, but notably did not have to give the firm control over any accounts it used for "payroll, payroll taxes, and other employee wage and benefit payments."
Representatives from Upstart, DocuSign, Sprout Social, Edgio, Dexcom and Horizon didn't immediately respond to requests for comment.
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