From today’s New York Times:
Drug Company With No Products Raises $250 Million. Jazz Pharmaceuticals, a year-old company with no products on the market, said yesterday that it had raised $250 million from private investors, apparently a record amount for a second round of venture capital financing in biotechnology.
Kohlberg Kravis Roberts & Company is the main culprit in this one, as they have been in so many previous stampedes: junk bonds & LBOs in the 80s, Silicon Alley in the 90s. Their bubbles may have burst on those ventures, but… this is their first foray into pharmaceuticals and they may have found an industry that — until we see national health care — is wide open.
