Abstract

http://ssrn.com/abstract=2005281
 
 

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Completing the Technology Transfer Process: M&As of Science-Based IPOs


Michele Meoli


University of Bergamo

Stefano Paleari


University of Bergamo - SIGE Sezione di Ingegneria Gestionale

Silvio Vismara


University of Bergamo

January 14, 2012


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 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 post-IPO 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.

Number of Pages in PDF File: 29

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Date posted: February 15, 2012  

Suggested Citation

Meoli, Michele and Paleari, Stefano and Vismara, Silvio, Completing the Technology Transfer Process: M&As of Science-Based IPOs (January 14, 2012). Available at SSRN: http://ssrn.com/abstract=2005281 or http://dx.doi.org/10.2139/ssrn.2005281

Contact Information

Michele Meoli
University of Bergamo ( email )
Via Marconi 5
24044 Dalmine, Bergamo
Italy
+390352052026 (Phone)
+390352052077 (Fax)
Stefano Paleari
University of Bergamo - SIGE Sezione di Ingegneria Gestionale ( email )
Via Marconi 5
24044 Dalmine, Bergamo
Italy
+39 03 520 52340 (Phone)
+39 03 556 2779 (Fax)
Silvio Vismara (Contact Author)
University of Bergamo ( email )
Via Marconi 5
24044 Dalmine, Bergamo
Italy
00390352052352 (Phone)
0039035562779 (Fax)
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