An investigative Study on Technology Transfer and Venture Capital in Commercialization of Life Science

在本课题中，我研究了2001 -2003年度的学术调查中，与生物技术创业相关的技术转让和风险投资活动。作为调查地区，除国内调查对象外，美国、英国，包括德国、法国、瑞典、瑞士、西班牙、冰岛、印度等。对于研究对象，笔者选择了基础研究所、技术许可办公室、。技术转让办公室、生物技术初创企业、风险投资、孵化器、科技园、生物技术顾问公司和制药公司研究中心，两者都根据美国专利统计数据对生物技术的特点进行了分析，因为生物技术高度依赖基础研究，开发时间延长，因此不同于另一项主要技术，并根据可行的机会。除了冰岛与国家项目有关的deCode案例外，生物技术初创企业通常成立于所谓的生物技术集群中。这种倾向的原因之一来自于大多数人， 关于我们 如果它们是大学的副产品或大型制药公司之间的并购。作为一种机制，使红墨水生物制药初创企业专注于长期的R&D，生存过程包括生物专业风险投资，与大型制药公司的R&D合作伙伴关系，IPO，和自有品牌的药物产品，依赖于平台技术已经开发了开创性的生物技术初创企业。然而，即使他们成功地开发了自己的药物，虽然有少数星星公司如安进或基因泰克开发了重磅药物，但大多数业绩不太大的公司往往会失败或成为并购的目标。而在美国和英国的公开市场，在2000年左右所谓的“基因泡沫”期间，可以观察到药物开发而不是工具开发的高风险和高回报商业模式的稳健性，此外，即使在上市前的私募股权阶段，也有耐心的资本支持十多年的长期研发导向的初创企业。这似乎是可能的，因为这样的风险资本家是可以理解的特定技术和这样的治理机制，以减少风险的董事会或科学顾问委员会比日本的商业社会更复杂。此外，国外一些先进企业似乎重视许可证或投资，并试图通过真实的期权分析来及时做出最优决策，以科普R&D过程中的信息不对称，因此，作为下一个挑战，有必要研究基于真实的期权的最优决策的可行性。少

In this project, I have studied the activities of technology transfer and venture capital regarding the foundation of biotech start-ups, for oversees academic survey during FY2001-2003. As survey regions, except domestic survey objects, U.S., U.K., Germany, France, Sweden, Switzerland, Spain, Iceland, India and so on are included. For research objects, I selected basic research institutes, technology license office/. technology transfer office, biotech start-ups, venture capital, incubators, science parks, biotech consultants, and pharmaceutical firm research centers, both according to U.S. patent statistics on biotech characteristics as the high dependency on basic research and expanded development time so different from another major technologies and, according to feasible opportunity. Apart from the case of deCode in Iceland related to national project, biotech start-ups usually are founded in so called biotech clusters. One of the reasons for such tendency came from that majority o … More f them are spin-offs from universities or M&A between large pharmaceutical firms. As a mechanism that makes allow the red-ink biopharmaceutical start-ups to focus on R&D in long-term, the survival process including bio specialized venture capital, R&D partnerships with large pharmaceuticals firms, IPO, and self brand drug products, depending on platform technologies has been developed by pioneering biotech start-ups. However, even if they succeed in development of their own drugs, 'while there area handful of star firms as Amgen or Genentech that developed blockbuster drugs, majority of firms whose performance are not so big tend to be failed or to become the targets for M&A.While in public market of U.S. and U.K., the robustness of high-risk and high-return business model as drug development rather than tool development has been observable during so called "genoinic bubble" period around 2000, additionally even at pre-public, private equity stage, there is a patient capital that supports the more than ten years of long term R&D oriented start-ups. It seems possible because both such venture capitalists being understandable specific technology and such governance mechanism to reduce risk as the boards of directors or the scientific advisory boards are more sophisticated than those of Japan s business society. Furthermore, some advanced foreign firms seem to value the license or investment and to try to make optimal decisions to cope with informational asymmetry on time at R&D process, by busing real option analysis.Thus as next challenge, it is necessary to examine a feasibility of optimal decision making based on real option. Less