Research documents Forfattere "Valentin, Finn"
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Valentin, Finn; Dahlgren, Henrich (København, 2007)[Flere oplysninger][Færre oplysninger]
Resume: This study examines R&D-alliances in the biotech sector, where they are particularly prevalent. A novel typology is offered of different alliance types, based on a twodimensional distinction between partners, by their value-chain position, and the direction of alliance deliverables. Using a unique dataset covering all firms specialised in Drug Discovery (DDFs) in Denmark and Sweden in the 1997 to 2004 timeframe, we measure financial performance by the value achieved by the DDF in the financing round immediately subsequent to alliance formation and find divergent effects on financial performance across alliance types. Prior literature has given particular attention to those alliances with large pharmaceutical partners which DDFs enter to collaborate on and to out-license projects from their pipeline. Based on property rights arguments prior studies found that such alliances entered by DDFs subject to capital scarcity detract from their value. We find capital scarcity to have the opposite effect, and offer the explanation that each advance in a drug development project notably increases its value, hence incentivizing the DDF to strain its financial resources to take the project as far as possible before out-licensing it to a pharma partner. For this reason, capital scarcity emerges as the condition, under which pharma alliances are brought to higher levels of value. Concurrently, as financial resources approach exhaustion, the DDF must attract the interest of a pharma-partner with requisite needs. These requirements translate into a complex alignment of burn rates, research achievements and search for best match amongst potential pharma partners. Therefore the capability of a Top Management Team (TMT) to produce this alignment at the right time is exposed to investors more clearly as an attribute of 3 alliances subject to capital scarcity. The resultant increase in investor confidence in the TMT is an additional factor behind the comparatively higher valuations produced by alliances entered under conditions of scarcity. URI: http://hdl.handle.net/10398/6774 Filer i denne post: 1
wp01-2007.pdf (169.7Kb) -
Jeppesen, Jacob Emil; Andersen, Kristina Vaarst; Lauto, Giancarlo; Valentin, Finn (Aalborg, 2014)[Flere oplysninger][Færre oplysninger]
Resume: In this paper we investigate the micro-mechanisms governing the structural evolution of a scientific collaboration. Empirical evidence indicates that we have transcended into a new paradigm with a new modus operandi where scientific discovery are not lead by so called lone ?stars?, or big egos, but instead by a group of people, from a multitude of institutions, having a diverse knowledge set and capable of operating more and more complex instrumentation Using a dataset consisting of full bibliometric coverage from a Large Scale Research Facility, we utilize a stochastic actor oriented model to estimate both the structural and performance effects of selection, as well as the behavioral of crossing organizational boundaries. Preliminary results suggest that the selection of collaborators still is skewed, and identify a large assortativity effect, as well as a tendency to interact with both authors with similar citations. URI: http://hdl.handle.net/10398/8948 Filer i denne post: 1
Jeppesen Andersen Lauto Valentin.pdf (474.5Kb) -
Valentin, Finn; Lund Jensen, Rasmus (København, 2005)[Flere oplysninger][Færre oplysninger]
Resume: Studying the contribution from university scientist to inventions patented by Danish and Swedish dedicated bioteck firms (DBFs), we examine effects of the Law on University Patenting (LUP) implemented in Denmark in January 2000, transferring to the employer university rights to patents on inventions made by Danish university scientist alone or as participants in collaborative research with Industry. Jel classes: I23, L65, O31, O34, O38 URI: http://hdl.handle.net/10398/6771 Filer i denne post: 1
wp01-2005.pdf (198.6Kb) -
An Empirically Based Research Method for Identification and Measurement Using Patent DataDahlgren, Henrich; Lund Jensen, Rasmus; Valentin, Finn (København, 2004)[Flere oplysninger][Færre oplysninger]
Resume: This paper deals with methodological issues of assessing the composition and level of heterogeneity of firms’ intellectual assets. It develops an original metric - referred to as the H-index - for measuring heterogeneity using data extracted from patent documents. The main purpose is to improve the characterisation of research activities within firms in the biotechnology sector. Although the H-index grew out of research on biotech firms, the metric carries broader relevance for all patent-intensive industries. The measurement and calculation of the H-index is illustrated using some empirical examples from our preliminary study on Scandinavian biotech firms. URI: http://hdl.handle.net/10398/6772 Filer i denne post: 1
wp04-2004.pdf (93.79Kb) -
Lund Jensen, Rasmus; Valentin, Finn (København, 2007)[Flere oplysninger][Færre oplysninger]
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Effects of Aligning Partner Types with the Firm's Science BaseValentin, Finn; Reichstein, Toke (København, 2007)[Flere oplysninger][Færre oplysninger]
Resume: Using extensive patent data on Scandinavian Biotech firms together with associated firm level data, this paper explores factors that drive the innovative scope of biotech firms. Collaborating with pharmaceutical firms, universities and other dedicated biotech firms proves beneficiary in introducing innovations broadening the innovation scope of biotech firms. Contrasting large and small molecules research firms exhibit noteworthy differences in the type of collaboration partner that allows the firm to expand its innovative scope. This suggests that biotech firms need to align the partner type with its science base if the goal is to produce patents beyond the firms technological boundary. Additionally, we find that outsourcing and acquisition of innovations increase their scope, lending support to the view that outsourced R&D expands the boundary of the firm’s innovative search. URI: http://hdl.handle.net/10398/7205 Filer i denne post: 1
wp05-2007.pdf (91.87Kb) -
What benefits will Denmark obtain for its science, technology and competitiveness by co-hosting an advanced large-scale research facility near Lund?Valentin, Finn; Larsen, Maria Theresa; Heineke, Nicolai (København, 2005)[Flere oplysninger][Færre oplysninger]
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Valentin, Finn (København, 2004)[Flere oplysninger][Færre oplysninger]
Resume: In April 2004, Copenhagen Business School opens a centre for research on biotech business. Biotech Business includes a number of senior and junior researchers from CBS. Initially the centre takes its point of departure in four projects included in the research program on Competence, Organisation and Management in Biotech Industries (COMBI). Starting in March 2004, COMBI is funded jointly by The Danish Social Research Council, firms and organisations in the Danish biotech industry and CBS. This presentation refers exclusively to four COMBI projects. URI: http://hdl.handle.net/10398/6768 Filer i denne post: 1
wp01-2004.pdf (204.9Kb) -
Effects on Performance in Danish and Swedish BiotechnologyValentin, Finn; Dahlgren, Henrich; Lund Jensen, Rasmus (København, 2006)[Flere oplysninger][Færre oplysninger]
Resume: Although biotech start-ups fail or succeed based on their research few attempts have been made to examine if and how they strategize in this core of their activity. Popular views on Dedicated Biotech Firms (DBFs) see the inherent uncertainty of research as defying notions of strategizing, directing instead the attention to the quality of their science, or the roles of boards, management, and collaborative networks etc. Using a unique comprehensive dataset on Danish and Swedish biotech start-ups in drug discovery this paper analyzes their research strategies. Adopting a Simonean point of departure we develop a contingency view on complex problem solving which structures the argument into three steps: 1) Characterising the problem architectures addressed by different types of DBFs; 2) Testing and confirming that DBFs form requisite research strategies, by which we refer to problem solving approaches developed as congruent responses to problem architectures; 3) Testing and confirming that financial valuation of firms is driven by achievements conforming to requisite research strategies. These strategies, in turn, require careful combination of multiple dimensions of research. Findings demonstrate that Shonhoovens classical argument that "strategy matters" is valid not only for the larger high-tech firms covered by her study, but also for small research-based start-ups operating at the very well springs of knowledge where science directly interacts with technologies. Even though a lot more research is needed along these lines, these findings offer new implications for the understanding, management, and financing of these firms. JEL Codes: L25, L65, O32 URI: http://hdl.handle.net/10398/7214 Filer i denne post: 1
wp06-11.pdf (254.6Kb) -
Effects on Performance in Danish and Swedish BiotechnologyLund Jensen, Rasmus; Dahlgren, Henrich; Valentin, Finn (København, 2006)[Flere oplysninger][Færre oplysninger]
Resume: Although biotech start-ups fail or succeed based on their research few attempts have been made to examine if and how they strategize in this core of their activity. Popular views on Dedicated Biotech Firms (DBFs) see the inherent uncertainty of research as defying notions of strategizing, directing instead the attention to the quality of their science, or the roles of boards, management, and collaborative networks etc. Using a unique comprehensive dataset on Danish and Swedish biotech start-ups in drug discovery this paper analyzes their research strategies. Adopting a Simonean point of departure we develop a contingency view on complex problem solving which structures the argument into three steps: 1. Characterising the problem architectures addressed by different types of DBFs; 2. Testing and confirming that DBFs form requisite research strategies, by which we refer to problem solving approaches developed as congruent responses to problem architectures; 3. Testing and confirming that financial valuation of firms is driven by achievements conforming to requisite research strategies. These strategies, in turn, require careful combination of multiple dimensions of research. Findings demonstrate that Shonhoovens classical argument that "strategy matters” is valid not only for the larger high-tech firms covered by her study, but also for small research-based start-ups operating at the very well springs of knowledge where science directly interacts with technologies. Even though a lot more re-search is needed along 3 these lines, these findings offer new implications for the understanding, management, and financing of these firms. URI: http://hdl.handle.net/10398/6769 Filer i denne post: 1
wp02-2006.pdf (167.5Kb) -
Effects on Performance in Danish and Swedish Biotechnology ByValentin, Finn; Dahlgren, Henrich; Lund Jensen, Rasmus (Frederiksberg, 2006)[Flere oplysninger][Færre oplysninger]
Resume: Although biotech start-ups fail or succeed based on their research few attempts have been made to examine if and how they strategize in this core of their activity. Popular views on Dedicated Biotech Firms (DBFs) see the inherent uncertainty of research as defying notions of strategizing, directing instead the attention to the quality of their science, or the roles of boards, management, and collaborative networks etc. Using a unique comprehensive dataset on Danish and Swedish biotech start-ups in drug discovery this paper analyzes their research strategies. Adopting a Simonean point of departure we develop a contingency view on complex problem solving which structures the argument into three steps: 1) Characterising the problem architectures addressed by different types of DBFs; 2) Testing and confirming that DBFs form requisite research strategies, by which we refer to problem solving approaches developed as congruent responses to problem architectures; 3) Testing and confirming that financial valuation of firms is driven by achievements conforming to requisite research strategies. These strategies, in turn, require careful combination of multiple dimensions of research. Findings demonstrate that Shonhoovens classical argument that “strategy matters” is valid not only for the larger high-tech firms covered by her study, but also for small research-based start-ups operating at the very well springs of knowledge where science directly interacts with technologies. Even though a lot more research is needed along these lines, these findings offer new implications for the understanding, management, and financing of these firms. URI: http://hdl.handle.net/10398/7879 Filer i denne post: 1
DRUID_06_11.pdf (254.6Kb) -
Multinational takeovers in Sweden's pharmaceutical industryValentin, Finn; Dahlgren, Henrich (København, 2007)[Flere oplysninger][Færre oplysninger]
Resume: Prior research has addressed the role of single large firms in Regional Innovation Systems (RIS), ascribing them the role of "flagships”, "hubs” etc. Less attention has been given to RIS dynamics set in motion when a flagship abruptly rearranges or ceases local operations, as is often the outcome when it is acquired by, or merged into, a larger multinational enterprise. The two flagships of the Swedish pharmaceutical industry – Pharmacia and Astra - shifted from domestic to multinational ownership in 1995 and 1998. We study consequences of this shift focusing on the following issues: i) Whether the shift in ownership brought about expansion or contraction of operations carried out internally by the two firms in Sweden. Observing notably declining activities in Pharmacia and expansion in Astra’s case we discuss control rights as a factor in national regulation affecting long-term strategising on part of key investors. ii) Whether the reduction of Pharmacia’s Swedish operations has been substituted by new firms derived from Pharmacia in the forms of divestments, spin-offs or startups. Identification of the founders of new bio-pharmaceutical firms reveals very little manager-to-founder migration out of Pharmacia, whereas considerably derived activity comes out of firms divested or spun-off while Pharmacia was still fully operative. iii) Whether the recombinatorial capacity of the innovation system in the Stockholm-Uppsala region plays a role in explaining the paucity of Pharmacia-derived start-ups. Compared to the Copenhagen region (the other major biotech concentration in 3 Scandinavia) Stockholm-Uppsala’s RIS is shown generally to have been notably less effective in mobilising industrial managerial talent for bio-entrepreneurship. To better understand this inter-regional divergence we model differences between the two RIS in the supply of venture capital to the financing rounds of young biotech start-ups. In RIS dynamics venture capital has the critical function of connecting managerial talent with entrepreneurial resources. For new bio-firms this particular RIS-function is shown to have performed significantly weaker in the Stockholm-Uppsala region as compared to the Copenhagen counterpart. This deficiency may be expected to rank importantly among causes for the comparatively lower incidence of manager-to-founder transitions amongst Stockholm-Uppsala’s new biopharmaceutical firms. URI: http://hdl.handle.net/10398/6776 Filer i denne post: 1
wp04-2007.pdf (251.8Kb) -
Comparison of Danish and Swedish drug discovery firmsLund Jensen, Rasmus; Dahlgren, Henrich; Valentin, Finn (København, 2006)[Flere oplysninger][Færre oplysninger]
Resume: This report studies employment effects associated with the adoption of modern biotechnology in Danish industry. In this context we also examine industry structure, patterns of job creation, key outputs such as patents and the pipeline of projects in clinical trials. To see the development of Danish biotech firms in a relevant context we compare a Danish segment of biotech firms with a matching Swedish segment. From an overall assessment modern biotechnology, despite the three decades elapsed since the first genetic manipulation, is still in a stage of experimentation, learning how to turn its new tools and approaches into an operational, reliable, cost-effective technology, sufficiently "pluggable” with other technologies. Therefore employment directly related to biotech is particularly visible and identifiable in firms focused on R&D. Outside this core of R&D activity other industries appear as early adopters of biotech, but only parts of their activities relate to modern biotechnology. From the outside it is difficult to isolate what share of their employment is attributable to their activities within biotechnology. In pursuit of clarity on the role of biotechnology this report studies a segment of Drug Discovery Firms (DDFs), which almost exclusively are based on capabilities in biotech research. This delimitation gives the advantage of studying a homogenous segment of firms. At the same time, this segment of biotech research firms is an informative indicator of the ability of the Danish economy to perform in the transition towards knowledge and sciencebased competitiveness. That is so because DDFs to an unusual extent depend on the ability of their framework to perform as an innovation system, by which we refer to advantages growing out of interactions and complementarities between e.g. universities, firms and venture capital. That makes DDFs a sensitive "seismograph" for the ability of the Danish innovation system to foster new science-based technologies. Key words: Employment, Biotechnology, Firm size distribution, Industry structure, Firm performance JEL Codes: J21, L11, L22, L25, L65, O57 URI: http://hdl.handle.net/10398/6781 Filer i denne post: 1
wp05-2006.pdf (393.7Kb)
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