Western Alliance's Bridge Bank Forms Life Sciences Group

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Western Alliance Bancorp's Bridge Bank in San Jose, Calif., has created a lending group to focus on the life sciences sector.

Bridge said it will target biotech, medical device and pharmaceutical firms. Bridge will provide term and revolving debt for growth and working capital, refinancing, restructuring, recapitalization and acquisitions.

Bridge said Robert Lake, a commercial lender, will lead the new group, which will be based in San Diego. Lake previously worked for Oxford Finance before joining Bridge.

The $13 billion-asset Western Alliance in Phoenix acquired Bridge in June for $425 million. Western Alliance operates Bridge as a separate division.

Earlier this month, Bridge launched a banking group for venture capital and private equity investment funds called Equity Fund Resources.

Lalita Clozel

Reporter, American Banker

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