The Federal Deposit Insurance Corporation (FDIC) closed Silicon Valley Bankthe banking branch of SVB Finance Group SIVBon Friday and took control of all of its insured deposits.

“All insured depositors will have full access to their insured deposits no later than Monday morning,” the FDIC said in a written statement. “The FDIC will pay an advance dividend to uninsured depositors within the next week.”

For the layman, the saga began last Wednesday at SVB, with an investor brochuresaid it needed the proceeds to fill a $1.8 billion hole left by the sale of a loss-making $21 billion bond portfolio mostly made up of U.S. Treasuries. after to Reuters.

The portfolio produced an average return of 1.79%, well below the current 10-year Treasury yield of around 3.9%.

Related: Silicon Valley Bank’s UK arm was bought by HSBC for about $1.

Silicon Valley Bank provides financial services to multiple healthcare players, including early-stage biotech companies.

Last year, SVB processed finance for 44% of U.S. venture-backed IPOs in technology and healthcare, according to the bank Q4 result presentation.

Biotech stocks slipped 1.1% on Wednesday and another 2.6% on Thursday. Venture-backed healthcare companies accounted for 12% of SVB’s $173 billion in deposits and 36% of its $168 billion in off-balance sheet funds at year-end. Bloomberg Remarks.

CNBC writes that the collapse of the Silicon Valley Bank also hit the biotechnology sector. SVB has been an important lifeline and link to Wall Street funding for some biotech companies, particularly smaller, less-tested startups. The SVB also held part of the companies’ liquid funds.

“Within biotechnology, SVB has been heavily involved in the investment banking activities of numerous companies,” analysts led by Bank of America’s Jason Gerberry noted on Friday.

The SPDR S&P Biotech ETF closed down 3.9%, while the Nasdaq Biotechnology Index fell 1.6%. The iShares Biotechnology ETF fell 1.6%.