Ebb & Flow

November has seen some disproportionately large venture rounds. Last week, JDS Pharmaceuticals surfaced and announced a $62 million series A round - the biggest of the year and the third largest A round in the annals of biotech financings. JDS's super-sized deal followed a $32 million A round on Nov. 11 from specialty dermatology company Neosil. And today, cancer and autoimmune company Synta was to announce an $80 million series D round - the largest of its kind this year.

While JDS and Synta both have large war chests, the companies are taking opposite tacks on how the money will be used. Synta will use the funds to develop its internal compounds, while JDS plans to in-license. ...