Ebb & Flow

While companies like SangStat (SANG) and MedImmune (MEDI) have managed to get multiple products on the market since their inception in 1988, Regeneron (REGN) - founded in the same year - has yet to reach that milepost. However, the company has proven quite adept at funding its operations through a series of financings and deals over the past 15 years (see "Tracking Regeneron").

The latest chapter was opened last week, when REGN partnered to develop its IL-1 Trap, which is in Phase II testing to treat rheumatoid arthritis. Under the deal, Novartis (NVS; SWX:NOVN) will buy $48 million newly issued REGN shares and will pay another $27 million in cash upon the closing of the deal. REGN also is eligible for up to $275 million in milestones...