Case Study: Algeta's lessons

When the $2.9 billion acquisition of Algeta ASA by Bayer AG closes in two weeks, an investor who got in early and one who got in late both stand to reap gigantic multiples. Both HealthCap and Abingworth say they are applying lessons they learned while helping to build Algeta in hopes of replicating that success in other investments.

Algeta raised a total of $275 million in a series A round, an IPO, two private placements and a bond offering...