Ebb & Flow

Of the $6.9 billion in biotech debt raised thus far in 2009, $1.9 billion (28%) was raised in the last two weeks through four financings: three bumped up deals by Elan Corp. plc (NYSE:ELN), Incyte Corp. (NASDAQ:INCY); and UCB Group (Euronext:UCB); and a fourth tied to the telaprevir rights of Vertex Pharmaceuticals Inc. (NASDAQ:VRTX).

Debt deals fell to only $2.6 billion last year with the across-the-board de-leveraging in the financial meltdown. But at this pace, biotech debt this year could reach the $10.3 billion raised in 2007...