Ebb & Flow

Following in the footsteps of buy-out firm Blackstone Group, hedge fund Och-Ziff filed to raise up to $2 billion in an IPO last week. The firm has made a handful of investments in private biotechs and holds shares and debt in public biotech companies in its Oz Management fund.

In September 2006, Och-Ziff participated in a $60 million series D round for genetic disease company Amicus (FOLD), which raised $75 million in an IPO in May. The firm also participated in a $100 million series F round for fibrotic disorders company FibroGen in 2005 and a $15 million series B round in siRNA company Acuity in 2004.

At March 31, Oz Management held debt in eight biotechs, including $200 million in Amgen (AMGN); $37 million in cancer and pain company Cephalon (CEPH); $36.5 million for cancer company ImClone (IMCL); $30.5 million in research supply company Invitrogen (IVGN); $21 million in hepatology and pulmonology company InterMune (ITMN); $9.5 million in antibody company

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