This paper investigates the valuation and M&A dynamics of the population of 254 biotech firms that went public in Europe over the last two decades. Among these, we identify a high proportion (40%) of firms affiliated with a university or another public research organization. After controlling for intellectual capital and other possible determinants, we find that the affiliation with a university is recognized as beneficial by investors, enhances the probability of being targeted in subsequent M&A deals, in particular in cross-border deals. Our message is that IPOs and acquisitions by incumbent firms are mechanisms to complete the technology transfer process and to effectively exploit academic innovations.

(2012). The market for control of science-based firms [poster communication - poster]. Retrieved from http://hdl.handle.net/10446/26832

The market for control of science-based firms

MEOLI, Michele;PALEARI, Stefano;VISMARA, Silvio
2012-01-01

Abstract

This paper investigates the valuation and M&A dynamics of the population of 254 biotech firms that went public in Europe over the last two decades. Among these, we identify a high proportion (40%) of firms affiliated with a university or another public research organization. After controlling for intellectual capital and other possible determinants, we find that the affiliation with a university is recognized as beneficial by investors, enhances the probability of being targeted in subsequent M&A deals, in particular in cross-border deals. Our message is that IPOs and acquisitions by incumbent firms are mechanisms to complete the technology transfer process and to effectively exploit academic innovations.
2012
Meoli, Michele; Paleari, Stefano; Vismara, Silvio
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/10446/26832
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