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12:00 AM
Apr 20, 2009
 |  BioCentury  |  Finance

Ebb & Flow Focus

While it would be easy to jump to the conclusion that BiPar Sciences Inc. brought in a new, commercially experienced CEO in 2007 to get to a quick exit with a nice return, that wasn't the goal at the time. Nevertheless, that's what investors got last week, as sanofi-aventis Group said it will acquire the oncology company for up to $500 million in cash.

Since it was founded in 2002, BiPar has raised a total of $73 million: $63 million in venture capital and $10 million in venture debt. Indeed, its series A round didn't take place until 2004, when it raised $13 million, according to CFO John Schembri.

That same year, former Genentech Inc. CEO Kirk Raab became chairman, while former Genentech SVP and CMO Barry Sherman joined as EVP of development.

Raab told BioCentury that their experience with Genentech's Herceptin trastuzumab to treat HER2-positive breast cancer helped attract them to BiPar. "Barry and I have deep experience with Herceptin. We saw another drug, different, but where you could have reasons to decide who the patients would be...

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