Completing the technology transfer process: M&As of science-based IPOs

Michele Meoli, Stefano Paleari and Silvio Vismara ()

Small Business Economics, 2013, vol. 40, issue 2, 227-248

Abstract: This paper investigates the valuation and merger and acquisition (M&A) dynamics of the population of 254 biotech firms that went public in Europe between 1990 and 2009. 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 affiliation with a university is recognized as beneficial by investors. This affiliation enhances the valuation of the firms and the probability of being targeted in subsequent M&As, particularly in cross-border deals. We conclude that following the initial public offering acquisitions by incumbent firms are mechanisms to finalize the technology transfer process started in a research institute. Our findings allow us to derive implications for venture investors, academic entrepreneurs, university managers, and policymakers. Copyright Springer Science+Business Media, LLC. 2013

Keywords: Technology transfer; Academic entrepreneurship; University-firm relations; IPOs; M&As; G34; M13; O32; L26 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (47)

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Persistent link: https://EconPapers.repec.org/RePEc:kap:sbusec:v:40:y:2013:i:2:p:227-248

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DOI: 10.1007/s11187-012-9416-1

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