Ebb & Flow

Last week saw a trio of relatively fresh faces raise a total of more than $140 million in series B rounds. Although Acceleron, Esprit and Biodel have divergent strategies and play in different indications, their VCs are betting on the past performance of the companies' executives (see "The Bees Have It").

Esprit pulled in $90.8 million in its series B round, easily taking the top slot for largest series B financing in 2006. The financing is the industry's third largest B round since 1994, behind the $250 million financing by specialty pharma company Jazz in 2004 and pharmacogenetics company Perlegen's $101 million series B in 2001...