벤처창업연구 (Asia-Pacific Journal of Business Venturing and Entrepreneurship)

  • 제14권1호
  • /
  • Pages.151-166
  • /
  • 2019
  • /
  • 1975-7557(pISSN)
  • /
  • 2671-9509(eISSN)
한국벤처창업학회 (The Korean Society of Business Venturing)
권호 표지

증권시장 상장이 신약개발 바이오벤처기업의 기술사업화 성과에 미치는 사례연구

Case Study on the Effect of IPO on the Technology Commercialization Performance of the New Drug Development Bio Venture Company

  • 김주영 (호서대학교 벤처대학원 벤처경영학과) ;
  • 하규수 (호서대학교 벤처대학원 벤처경영학과)
  • 투고 : 2019.01.10
  • 심사 : 2019.02.26
  • 발행 : 2019.02.28
PDF 다운로드
⟨ 이전 논문 다음 논문 ⟩

초록

신약개발은 기초연구${\rightarrow}$전임상${\rightarrow}$임상${\rightarrow}$품목허가${\rightarrow}$판매에 이르기까지 10~15년의 긴 시간과 10억불 이상의 막대한 자금을 필요로 한다. 많은 신약개발 바이오벤처기업은 증권시장 상장을 통해 확보한 자금으로 신약개발을 지속적으로 추진하고자 한다. 본 연구는 증권시장 상장이 신약개발 바이오벤처기업에 미치는 영향에 주목하여, 상장 시점(D) 및 상장 후 2년 시점(D+2년)에서 등록특허, 전임상, 임상, 기술이 전계약의 증가 여부로 증권시장 상장에 의한 신약개발 바이오벤처기업의 기술사업화 성과를 분석하였다. 또한 상장 및 상장 후 2년 시점에서 등록특허, 전임상 및 임상이 기술이전계약에 유의미한 영향을 미치는지 분석하였다. 분석결과는 다음과 같다. 첫째, 한국의 신약개발 바이오벤처기업은 상장 시점과 상장 후 2년 시점을 비교하면, 등록특허는 증가했으나 전임상, 임상 및 기술이전계약은 증가하지 않았다. 둘째, 상장 시점과 상장 후 2년 시점에 전임상은 한국기술이전계약에 유의한 영향을 주고 있고 해외기술이전계약에 부분적으로 유의한 영향을 주고 있지만, 등록특허 및 임상은 기술이전계약에 유의한 영향을 주지 않았다. 한국의 신약개발 바이오벤처기업은 증권시장 상장에도 불구하고 특허는 증가했지만, 전임상, 임상 및 기술이전계약은 증가하지 못했음을 알 수 있다. 향후 신약개발 바이오벤처기업의 기술사업화를 강화하기 위해서는 IPO 공모자금의 효율적 사용을 위한 R&D전략 수립, 산 학 연 연계 강화를 통한 오픈 이노베이션, 보다 정교한 전임상 및 임상 전략 수립 등이 요청되고 있다.

New drug development requires 10 to 15 years of long time and more than $ 1 billion in funding, ranging from basic research${\rightarrow}$preclinical medicine${\rightarrow}$clinical medicine${\rightarrow}$product approval${\rightarrow}$sales. Many new drug development bio-venture companies will continue to pursue new drug development with funds secured through listing on the securities market. This study focuses on the impact of the listing on the market of bio-venture companies in the development of new drugs. It is necessary to determine whether the increase in registered patent, preclinical, clinical and technology transfer contracts at the time of listing (D) The results of this study are as follows. We also analyzed whether the registered patent, preclinical, and clinical effects had significant effect on technology transfer contracts at two years after listing and listing. The results of the analysis are as follows. First, Korea's new drug development bio-venture firms increased their registered patents but did not increase their pre-clinical, clinical and technology transfer contracts. Second, at the time of listing and two years after listing, pre-employment has a significant effect on Korea's technology transfer contracts and has a significant effect on overseas technology transfer contracts. However, registered patents and clinics have significant influence on technology transfer contracts. Korea 's new drug development bio-venture firms showed patent increase despite the stock market listing, but pre-clinical, clinical and technology transfer contracts did not increase. In order to strengthen technological commercialization of new drug development bio-venture companies in the future, it is required to establish R & D strategy for efficient use of IPO subscription funds, open innovation through strengthening industry-academia-partnerships, and more sophisticated preclinical and clinical strategy establishment.

키워드

참고문헌

  1. Arnold, K., Coia, A., Saywell, S., Smith, T., Minick, S. & Loffler, A.(2002). Value drivers in licensing deals. Nature Biotechnology, 20(11), 1085-1089. https://doi.org/10.1038/nbt1102-1085
  2. Baek, J. I. & Hyun, B. H.(2017). A study on the Determinant Priority of Royalty between Government-funded research centers and Companies who were transferred the technology, Journal of the Korea Academia-Industrial Cooperation Society, 18(3), 135-145. https://doi.org/10.5762/KAIS.2017.18.1.135
  3. Bogdan, B. & Villiger, R.(2008). Valuation in Life Sciences, Berlin Heidelberg: Springer-Verlag
  4. Cheong, I. S. & Min, H. C.(2018). Strategic alliances and exit decisions in biotechnology ventures, SOGANG ECONOMIC PAPERS, 47(1), 91-114.
  5. Chitale, S., Lawler, C. & Macfarlane, S.(2016). Closing the deal, Nature Biotechnology, 34(12), 1222-1225. https://doi.org/10.1038/nbt.3687
  6. Deeds, D. L. & Rothaermel, F. T.(2004). Exploration and Exploitation Alliances in Biotechnology: A System of New Product Development, Strategic Management Journal, 25, 201-221. https://doi.org/10.1002/smj.376
  7. Gittelman, M. & Alia, A.(2016). Research paradigms and useful inventions in medicine, Research Policy, 1-13.
  8. Heo, H. Y. & Seo, Y. T.(2014). A Study on the Effects of R&D Activities of KOSDAQ Listed Companies on Patent Acquisition and Management Achievement, Global Business Administration Review, 11(2), 61-81. https://doi.org/10.17092/jibr.2014.11.2.61
  9. Hong, S. C.(2013). Development of Technology Portfolio Analysis method for Technology-outsourcing of Pharmaceutical cooperations, Journal of the Korea Academia-Industrial Cooperation Society, 14(11), 5809-5818. https://doi.org/10.5762/KAIS.2013.14.11.5809
  10. Hu, Y., McNamara, P. & McLoughlin, D.(2015). Outbound open innovation in bio-pharmaceutical out-licensing, Technovation, 35, 46-58. https://doi.org/10.1016/j.technovation.2014.07.004
  11. Huys, I., Looy, B. V., Overwalle, G. V. & Stevens, H.(2013). Perspectives and Opportunities for Precompetitive Public-Private Partnerships in the Biomedical Sector, Biotechnology Law Report, 32(30), 131-139. https://doi.org/10.1089/blr.2013.9929
  12. Hwangbo, W. & Kim, M. K.(2014). The Effects Analysis of Market Timing on Capital Structure, THE KOREAN JOURNAL OF FINANCIAL MANAGEMENT, 31(1), 1-30.
  13. Jung, S. K., Yim, H. R. & Ryoo, C. W.(2015). A Game-theoretic Approach on Venture Startup"s Strategic Licensing Strategy and Its Survival, Korean Jouranl of Business Administration, 28(7), 1947-1958.
  14. Jung, W. Y. & Kim, J. I.(2018). Valuation of the New Drug Biotechnology under Business Combinations, ACCOUNTING INFORMATION REVIEW, 36(1), 215-249. https://doi.org/10.29189/KAIAAIR.36.1.9
  15. Jung, Y. & Kwon, S. M.(2014). The effects of stronger protection of intellectual property rights for medicines on pharmaceutical market, price and utilisation, Korea Social Policy Review, 21(2), 183-228. https://doi.org/10.17000/kspr.21.2.201406.183
  16. Kang, J. M.(2012). The effect of open innovation on technology commercialization performance : A case of bio-pharmaceutical industry, Doctoral dissertation, Sungkyunkwan University.
  17. Kang, S. J., Won, Y. H., Oh, K. T. & Kim, M. J.(2017). A Study on the Protection for Original Technology and Improved Patent when Research Institutes or Universities Transfer their Research Outputs, Journal of Korea Technology Innovation Society, 20(2), 313-333.
  18. Kim, E. H.(2016). Comparison of Innovation Efficiency of Pre-IPO and Post-IPO in Korea, JOURNAL OF TECHNOLOGY INNOVATION, 24(1), 143-167. https://doi.org/10.14383/SIME.2016.24.1.143
  19. Kim, J. H. & Youn, C. S.(2014). A Comparative Analysis of Corporate Performances before and after Cosmetics Companies'IPO, Korean Journal of Aesthetic Society, 12(5), 725-732.
  20. Kim, J. I. & Cho, H. J.(2014). An Empirical Study on the Patenting Strategies in Biotechnology Industry Affecting the Company Performance in Korea, Journal of Industrial Property, 44, 343-383.
  21. Kim, J. J. & Yang, D. W.(2014). An Empirical Study on the Effect of Venture Capital Investment on the Technological Performance of SMEs, Journal of Digital Convergence, 12(4), 115-131. https://doi.org/10.14400/JDC.2014.12.4.115
  22. Kim, J. Y. & Lee, J. S.(2013). The Determinants of Post-Merger Survival in Reverse Takeovers, Korean Journal of Financial Studies, 42(1), 163-192.
  23. Kim, M. T. & Lee, S. H.(2016). A Study of Determinants of Initial Public Offerings(IPOs) in the KONEX market, KOREAN INTERNATIONAL ACCOUNTING REVIEW, 66, 335-354.
  24. Kim, S. J. & Kim, H. J.(2018). The Influence of Technology Orientation on New Product Performance of Bio Venture of SMEs, Journal of Vocational Rehabilitation, 40(1), 165-189.
  25. Kim, S. T. & Hong, W. S.(2013). A Comparative Study on Institutions for Technology Transfer of Korea and the U.S., Journal of Korea Technology Innovation Society, 16(2), 444-475.
  26. Ku, B. C.(2014). Derivation and Empirical Analysis of Critical Factors that Facilitate Technology Transfer and Commercialization of Research Outcome, Asia-Pacific Journal of Business Venturing and Entrepreneurship, 9(5), 69-81. https://doi.org/10.16972/apjbve.9.1.201402.69
  27. Kwak, Y. M. & Choi, J. S.(2013). Earnings Management of Back Door Listing Firms in the KOSDAQ market, Korean Accounting Review, 38(1), 87-134.
  28. Kwon, H. S. & Lee, H. S.(2017). The Impact of Alliance on Market Value of the Bio-pharmaceutical Firm in Korea, Journal of the Korea Academia-Industrial Cooperation Society, 18(7), 149-161. https://doi.org/10.5762/KAIS.2017.18.7.149
  29. Lee, B. H. & Lee, S. W.(2017). The impact of the patent through open innovation on the performance of the pharmaceutical and biotechnology firms, Journal of the Korea Academia-Industrial Cooperation Society, 18(9), 356-365. https://doi.org/10.5762/KAIS.2017.18.9.356
  30. Lee, B. H. & Shin, J. S.(2015). Effects of Outside-in Patents of Global Information Technology Companies on Corporate Performance, The Journal of Intellectual Property, 10(2), 161-194. https://doi.org/10.34122/jip.2015.06.10.2.161
  31. Lee, H. L.(2017). A comparative study on national innovation systems and performance of the biopharmaceutical industry, Masteral dissertation, Seoul National University, Korea.
  32. Lee, J. H., In, Y. & Lee, J. W.(2016). Valuations using royalty data in the life sciences area, Journal of Open Innovation, 2(1), 1-25. https://doi.org/10.1186/s40852-015-0025-5
  33. Lee, J. H., Kim, G. J., Park, S. S. & Jang, D. S.(2013). Study on the Relationship between a Firm's Patent Information and Its Performance, The Korea Contents Society, 423-424.
  34. Lee, S. J. & Yoon, B. Y.(2010). Open Innovation Models in SMEs, Journal of Korea Technology Innovation Society, 13(1), 160-183.
  35. Lim, I. J., Lee, S. M. & Lee, J. H.(2014). A Study on the Success Factors of Technology Transfer and Commercialization in the High-Technology Industry, Journal of Korea Technology Innovation Society, 17(3), 490-518.
  36. Lim, S. H. & Kim, Y. T.(2015). Lean Startup Application Study in the Healthcare Industrial point of View, Asia-Pacific Journal of Business Venturing and Entrepreneurship, 10(3), 99-109.
  37. Meij, P., Wilde, S. d., Guchelaar, H. J., Herberts, C., Lowdell, M., Hildebrandt, M., & Zandvliet, M.(2016). Development of cell therapy medicinal products by academic institutes, Drug Discovery Today, 21(8), 1206-1212. https://doi.org/10.1016/j.drudis.2016.04.016
  38. Moon, K. S., Hong, M. Y. & Kim, E, J.(2015). The Study on the Adjustment Methods for Investment Strategies of Government R&D in Field of Drug Development: Focusing on R&D Investment Effects, Journal of Korea Technology Innovation Society, 18(3), 444-467.
  39. Moon, S. W., Chung, S. W. & Lee, S. Y.(2016). An Empirical Study on the Effects of Internal Competence and External Factors for the Performance of Korean Bio-Ventures, Asia Pacific Journal of Small Business, 38(4), 53-76.
  40. Min, H. C. & Cheong, I. S.(2017). Effects of R&D Policy and Institution on Commercialization Activities by Biotechnology Researchers, The Korean Journal of Industrial Organization, 25(2), 107-146. https://doi.org/10.36354/KJIO.25.2.4
  41. Min, H. C., Shin, I. S. & Cheong, I. S.(2016). An Empirical Study of the Determinants of Commercialization Activities in Biotechnology Research in Korea, SOGANG ECONOMIC PAPERS, 45(1), 33-66.
  42. Negro, F., Perrier, A., Riguzzi, M., Brugger, U., Goossens, N., Girardin, F. & Vernaz, N.(2016). Drug Pricing Evolution in Hepatitis C, PLoS ONE, 11(6), 1-12.
  43. Ng, R.(2009). Drugs, NJ: John Wiley & Sons, Inc.
  44. Ni, J., Wan, J., Kong, X., Cai, Y., Yang, F., Wang, Y. & Hu, Y.(2016). Pharmaceutical Technology Licensing, J Pharm Innov, 11, 34-45. https://doi.org/10.1007/s12247-015-9234-5
  45. Noh, S. Y.(2016). The impact on earnings patent technology transfer business performance of the Industry-Academic Cooperation Foundation, Journal of the Korea Academia-Industrial cooperation Society, 17(2), 394-399 https://doi.org/10.5762/KAIS.2016.17.2.394
  46. Park, J. H., Bae, Z. T. & Lee, J. S.(2015). Inward Licensing and Innovative Performance, Asia Pacific Journal of Small Business, 37(3), 99-125.
  47. Park, J. O., Youn, S. J. & Park, B. S.(2015). Commercialization Success Factors of Transfer Technology from Public R & D and Enhancing Performance, Journal of Korea Technology Innovation Society, 18(1), 28-48.
  48. Roh, D. H., Hwang, K. H. & Park, H. Y.(2017). The impact of open innovation activities on performance of Korean IT SMEs.Venture : Technology Transfer Experiences and Technological Collaborations, Asia-Pacific Journal of Business Venturing and Entrepreneurship, 12(1), 33-46. https://doi.org/10.16972/apjbve.12.1.201702.33
  49. Roh, D. H., Jeong, Y. K. & Park, H. Y.(2016). An Analysis on the Relative Importance Evaluation of SMEs.Venture Technology Commercialization Problems Using AHP, Asia-Pacific Journal of Business Venturing and Entrepreneurship, 11(1), 1-12.
  50. Roh, H. H. & Choi, S. M.(2016). R&D Investment Performance and Value Relevance of KOSDAQ Companies, Korean Journal of Accounting Research, 22(3), 61-93. https://doi.org/10.21737/kjar.2016.06.21.3.61
  51. Savulescu, J., Otmar, R., Zalcberg, J. R., Carter, R., Gore, L., Thomas, D. & Ashley, D.(2015). Accepting risk in the acceleration of drug development for rare cancers, The Lancet Oncology, 16(4), 190-194. https://doi.org/10.1016/S1470-2045(14)71153-2
  52. Shin, J. O & Ha, G. S.(2016). Study on VC Investment Improve Growth and Productivity of VC: Backed firms Focused on Kosdaq Listed Bio Venture Company, Asia-Pacific Journal of Business Venturing and Entrepreneurship, 11(1), 85-95. https://doi.org/10.16972/apjbve.11.1.201602.85
  53. Shin, Y. S.(2014). A Case Study on Determinants of Rapid Globalization in Born-Global Firms, Korea trade review, 39(2), 111-138.
  54. Thomas, D. W., Craighead, J. L., Economides, C., Rosenthal, J. & Hay, M.(2014). Clinical development success rates for investigational drugs, Nature Biotechnology, 32(1), 40-51. https://doi.org/10.1038/nbt.2786
  55. Thompson, S .D. A.(2014). Scientific Innovation's Two Valleys of Death, Stem Cells and Development, 23(1), 68-72. https://doi.org/10.1089/scd.2014.0379
  56. Um, I. C.(2015). A Synthetic Analysis for Comparing the Science and Technology Fields of Main Competitiveness Reports in FY 2014, KISTEP.
  57. Wilson, A., Seckler, A., Feldman, L. & DiMasi, JA.(2010). Trends in risks associated with new drug development, CLINICAL PHARMACOLOGY & THERAPEUTICS, 87(3), 272-277. https://doi.org/10.1038/clpt.2009.295
  58. Yang, J. Y., Seo, M. K. & Kwon, K. H.(2013). Global Catch-up and Growth of Late-comer Small Venture in Medical/Dental Materials Industry, INTERNATIONAL BUSINESS REVIEW, 17(4), 77-101. https://doi.org/10.21739/IBR.2013.12.17.4.77
  59. 전재훈.나형철(2014). 국내 제약산업에서의 기술혁신활동 현황 고찰, 한국기술혁신학회 학술대회, 784-787.
  60. 함형욱.고창룡(2015). 연구소기업의 성공요인에 관한 연구, 한국기술혁신학회 학술대회, 621-629.
  61. 금융감독원 전자공시시스템(http://dart.fss.or.kr)
  62. 한국거래소(2019). 상장의 혜택 및 효과, Retrieved 20190109 from http://listing.krx.co.kr/contents/LST/02/02030000/LST02030000.jsp