ARTICLE | Finance
Ebb & Flow
March 22, 2004 8:00 AM UTC
Watchers of Warburg Pincus investments in public biotech companies might think they are seeing a pattern: large stakes, two board seats and an M&A deal on the horizon. Thus, if coincidence isn't at work, it might be reasonable to wonder if Neurogen (NRGN) might have suitors in its future. The company last week raised $100 million in a private placement led by Pincus and Baker Brothers.
Warburg's two most recent investments in public biotechs came in 2001. The firm took a 35% stake in Synaptic when the GPCR play was valued at $60 million, and put $60 million into Triangle when it was valued at $130 million. In both cases, managing directors Jonathan Leff and Stewart Hen took board seats (see "Warburg's Plays"). ...