Commercializing biomedical research through securitization techniques

@article{Fernndez2012CommercializingBR,
  title={Commercializing biomedical research through securitization techniques},
  author={J. Fern{\'a}ndez and Roger M. Stein and Andrew W. Lo},
  journal={Nature Biotechnology},
  year={2012},
  volume={30},
  pages={964-975}
}
Biomedical innovation has become riskier, more expensive and more difficult to finance with traditional sources such as private and public equity. Here we propose a financial structure in which a large number of biomedical programs at various stages of development are funded by a single entity to substantially reduce the portfolio's risk. The portfolio entity can finance its activities by issuing debt, a critical advantage because a much larger pool of capital is available for investment in… CONTINUE READING
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