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

在这个项目中，我对生物技术初创企业的技术转移和风险投资活动进行了研究，以监督2001-2003财年的学术调查。作为调查地区，除国内调查对象外，还包括美国、英国、德国、法国、瑞典、瑞士、西班牙、冰岛、印度等。在研究对象上，笔者选择了基础科研院所、技术许可办公室/。技术转移办公室、生物技术初创企业、风险投资、孵化器、科技园、生物技术顾问和制药公司研究中心，都根据美国专利统计的生物技术特点，即对基础研究的高度依赖和开发时间的延长，而不同于另一项重大技术，并根据可行的机会。除了冰岛的DECODE案例与国家项目有关外，生物技术初创企业通常都是在所谓的生物技术集群中成立的。这种倾向的原因之一来自于…的多数人其中更多的是从大学剥离出来的，或者是大型制药公司之间的并购。作为一种让红字生物制药初创企业长期专注于研发的机制，生物专业风险投资、与大型制药公司的研发合作、IPO以及自主品牌药物产品等生存过程，都是由创业型生物科技初创企业依托平台技术开发出来的。然而，即使他们成功地开发了自己的药物，虽然有少数明星公司开发了轰动一时的药物，但大多数业绩不是很大的公司往往会倒闭或成为并购的目标。虽然在美国和英国的公开市场上，作为药物开发而不是工具开发的高风险和高回报商业模式的健壮性已经在2000年左右的所谓“遗传泡沫”时期观察到，此外，在上市前、私募股权阶段，有耐心的资本，支撑着十几年的长期研发导向型初创企业。这似乎是可能的，因为这种风险资本家既是通俗易懂的专门技术，又是这样的降低风险的治理机制，如董事会或科学顾问委员会都比日本的S商业社会更老练。此外，一些先进的外国公司似乎重视许可证或投资，并试图通过实物期权分析来及时做出最优决策，以应对研发过程中的信息不对称。因此，有必要研究基于实物期权的最优决策的可行性。较少

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