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...