Do equity financing cycles matter ? evidence from biotechnology alliances

@inproceedings{Lernera2003DoEF,
  title={Do equity financing cycles matter ? evidence from biotechnology alliances},
  author={Josh Lernera and Hilary Shanec and Alexander Tsaid},
  year={2003}
}
  • Josh Lernera, Hilary Shanec, Alexander Tsaid
  • Published 2003
In periods characterized by diminished public market financing, small biotechnology firms appear to be more likely to fund R&D through alliances with major corporations rather than with internal funds (raised through the capital markets). We consider 200 alliance agreements entered into by biotechnology firms between 1980 and 1995. Agreements signed during periods of limited external equity financing are more likely to assign the bulk of the control to the larger corporate partner, and are… CONTINUE READING
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