BioCentury
ARTICLE | Finance

Ebb & Flow

June 22, 2009 7:00 AM UTC

If Symphony Capital had been able to make good on the original buyback terms of its 2006 deal with Alexza Pharmaceuticals Inc. (NASDAQ:ALXA), Symphony would have doubled its money. But times being what they are, the parties renegotiated the deal. If the cards line up only minimally, Symphony would instead break even.

But if Alexza's stock returns to its loftier heights, Symphony would come out ahead, not counting payments it is entitled to receive from any future partnerships for the Allegro compounds, according to Managing Director Mark Kessel (see "Alexza Payout Scenarios"). ...