Ebb & Flow

Last week's $725 million in money raised has made this year the second best financing year in biotech history, edging out 2001, in which the sector raised $16.4 billion. The heavy lifting was done by Genzyme (GENZ), which raised $600 million in a convert deal on Thursday, helping to bring to $17.1 billion the total raised this year to date (see "Banner Year").

With $37.5 billion in funding, the top year - 2000 - isn't in jeopardy of losing its winning slot...