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In and out: The relationship between university in-licensing and out-licensing by firms in therapeutic biotechnology

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  • Slavova, Kremena
  • Jong, Simcha

Abstract

This study examines how university in-licensing is associated with a firm's subsequent commercialization activities in markets for technology. Building on and extending research on technology licensing, we integrate insights on capability development and signalling mechanisms to theorize a positive relationship between the acquisition of inventions from universities and a firm's propensity to license out technologies. We further argue that the strength of this relationship is contingent on two firm characteristics that shape a firm's needs for capability building and the value of credibility signals in markets for technology: firm age and a firm's focus on exploratory R&D. Consistent with our expectations, our study finds stronger effects for younger firms and for firms with exploration-oriented R&D portfolios. Using panel data on 190 U.S. therapeutic biotechnology firms, we find support for our hypotheses. Overall, our findings contribute to a richer understanding of the mechanisms and contingencies underlying university–industry knowledge transfer dynamics.

Suggested Citation

  • Slavova, Kremena & Jong, Simcha, 2026. "In and out: The relationship between university in-licensing and out-licensing by firms in therapeutic biotechnology," Technovation, Elsevier, vol. 153(C).
    • Handle: RePEc:eee:techno:v:153:y:2026:i:c:s0166497226000532
    DOI: 10.1016/j.technovation.2026.103518
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