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Gold in the ivory tower: equity rewards of outlicensing

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An analysis of life-science initial public offerings from three time periods reveals that the equity share received by universities and their academic researchers has changed over time.

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Figure 1: Capital invested in biotech companies.
Figure 2: Valuation step-ups by investment round.
Figure 3: Aggregate technology value of biotech companies.
Figure 4
Figure 5
Figure 6: Typical university-biotech license terms.

References

  1. Edwards, M., Murray, F. & Yu, R. Nat. Biotechnol. 21, 618–624 (2003).

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  2. AUTM licensing survey, fiscal year 2003 (The Association of University Technology Managers, Inc., Northbrook, Illinois, 2000).

  3. Kenney, M. Biotechnology: The University Industrial Complex. (Yale University Press, New Haven, Connecticut, 1986).

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Author information

Authors and Affiliations

  1. managing director, Recombinant Capital, 2033 North Main Street, Walnut Creek, 94596, California, USA

    Mark Edwards

  2. analyst at Recombinant Capital, 2033 North Main Street, Walnut Creek, 94596, California, USA

    Robert Yu

  3. MIT Sloan School of Management and the Harvard-MIT Division of Health Sciences & Technology, 50 Memorial Drive E52-567, Cambridge, 02142, Massachusetts, USA

    Fiona Murray

Authors
  1. Mark Edwards
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  2. Fiona Murray
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  3. Robert Yu
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Edwards, M., Murray, F. & Yu, R. Gold in the ivory tower: equity rewards of outlicensing. Nat Biotechnol 24, 509–515 (2006). https://doi.org/10.1038/nbt0506-509

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