Biotech passes $10B mark

Biotech surpassed the $10 billion mark for money raised on the year, as cancer and infectious disease company RiboTargets ( Cambridge, U.K.) raised L32 million ($46.5 million) in a private round. Investors included JP Morgan Partners; Apax Partners Funds; 3I; Advent Venture Partners; NIB Capital; Quester; and OrbiMed Advisors. Further increasing this year's take was the $31.6 million raised by neurological company Synaptic (SNAP) in the second stage of a private placement of convertible preferred stock. SNAP sold 5.4 million convertible preferred shares at an average price of $5.85. Investors were Warburg Pincus and Ziff Asset Management. Warburg invested $9.4 million in SNAP in the financing's first stage in August. Warburg and Ziff would own 35% and 6% of SNAP, assuming conversion of their preferred shares into common shares. ...