Ebb & Flow

Two late-stage candidates that fit the buysider profile are showing up on the rumor mill, which has a Colorado company putting the final touches on its red herring. The early poll leader is cardiovascular play Myogen, although in-licensing hematology play Pharmion also is a strong candidate. Myogen markets Perfan I.V enoximone in Europe for acute decompensated heart failure, and it has a capsule formulation in Ph III in congestive heart failure. Pharmion markets Refludan in Europe to treat thrombosis, and Innohep in the U.S. to treat deep vein thrombosis.

Pharmion's $65 million series B round in December 2001 was rumored to value the company at $120 million. Valuation metrics have been hard to come by for Myogen, but it's likely to be well in excess of a hundred million: The company's D round raised $66.4 million in January 2002...