Published In

2019 Portland International Conference on Management of Engineering and Technology (PICMET)

Document Type


Publication Date



Going public (Securities), Biotechnology industries -- Planning, Biotechnology industries -- Economic aspects, Technology -- Management


Access to multiple tranches of capital is critical for predominantly no revenue development stage biotech firms. While financing needs are monotonically increasing over multiple years in the product development approval cycle, the market for high risk, milestone driven biotech investment is significantly more volatile than the financial markets as a whole. In this paper, we analyzed the role and relative importance of global biotech IPOs, as well as other sources of capital such as strategic alliances, for research and development funding. We also explored and assessed the degree of mismatch between the access to capital, operational efficiencies, and how firms solve the potential unmet capital requirements. Implications for investors, as well as small and large biotech company managers, is discussed.


This is the publisher's final PDF. Copyright 2019 by PICMET. Paper delivered at the 2019 Proceedings of PICMET '19: Technology Management in the World of Intelligent Systems



Persistent Identifier