Ebb & Flow

Acqua Capital marked its return to biotech investing last week with its largest ever financing facility - a $200 million equity line for cardiovascular play CV Therapeutics (CVTX). Although the deal was with a longtime client - Acqua (then Acqua Wellington) provided CVTX with a $120 million equity line in 2000 - the firm maintains that it's open to new names as well.

Indeed, the firm's sweet spot will be biotechs valued between $150 million and $1.5 billion. Acqua's Isser Elishis told Ebb & flow the firm wants to set up 15-20 equity facilities with biotech companies. ...