Infinity skips the IPO haggle

Since its inception in 2001, Infinity Pharmaceuticals Inc. has raised money from VCs and pharma partners at valuations high enough to raise questions about how it might go public in today's IPO environment. The small molecule cancer company provided the answer last week when it said it would merge with publicly held Discovery Partners International Inc.

The deal also provides plenty of cash, as DPII should have $70-$75 million in the bank when the deal closes in the third quarter...