Gold in the ivory tower: equity rewards of outlicensing
Mark Edwards, Fiona Murray
& Robert Yu
Table 1 University equity in biotechs
Class of 2004 (14/34) (# with equity/# total IPOs)
Class of 2000 (16/65)
Class of 1997 (16/53)
University dollar value (millions)
University percent of total IPO value
University dollar value (millions)
University percent of total IPO value
University dollar value (millions)
University percent of total IPO value
Total
$20
0.2%
$170
0.7%
$88
1.5%
Average
$1.4
0.7%
$10.6
3.4%
$5.5
4.6%
Median
$1.2
0.7%
$4.7
1.3%
$1.7
1.6%
University % of aggregate technology value
0.6%
1.1%
3.1%
This table is derived from the IPOs in which university equity holdings were disclosed, based on information from the IPO prospectuses. Using each company's IPO price, we calculated the aggregate market capitalization of each IPO Class, as well as the total, average and median values (and percentages) of university equity holdings in such companies. We also show the total university equity value as a percentage of the aggregate technology value of each IPO Class.
