Infinity Reverse Merges Into Discovery Partners

Through a reverse merger with Discovery Partners, oncology discovery and development play Infinity Pharmaceuticals will access the public market and Discovery's roughly $70-75 million cash. That the deal won't secure Infinity the kind of market capitalization that the firm's top-notch pedigree and previous private valuations pointed toward merely reflects the market's healthy skepticism for early-stage assets. It also suggests that even for companies as promising as Infinity, reverse mergers are increasingly the smoothest-and in some cases the most lucrative-path to the Nasdaq.