When Jazz Pharmaceuticals Inc. took in $250 million in Series B money back in 2004, it set itself up nicely to in-license the products and technology it needed to build its business. [See Deal] The fundraising was the biggest Series B round ever and represented the debut of Kohlberg Kravis Roberts & Co.—best known for mega-leveraged-buy-outs (LBOs)--in the very un-leveraged world of biopharmaceuticals. (See "Jazz Pharmaceuticals: The Concept Bet, at a Whole New Level," START-UP, April 2004 Also see "Jazz Pharmaceuticals: The Concept Bet, at a Whole New Level" - Scrip, 1 April, 2004..)
But mostly lost in all the musical puns and superlatives was the impact private equity dollars had on Jazz’s VCs....
