Gold in the ivory tower: equity rewards of outlicensing
Mark Edwards, Fiona Murray
& Robert Yu
Table 2 Faculty equity in biotechs
Class of 2004 (17/34) (# with equity/# total IPOs)
Class of 2000 (25/65)
Class of 1997 (28/53)
Dollar value (millions)
Faculty percent of total IPO
Dollar value (millions)
Faculty percent of total IPO
Dollar value (millions)
Faculty percent of total IPO
Total
$291
3.3%
$754
3.2%
$140
2.3%
Average
$17.1
6.6%
$30.2
8.3%
$5.0
4.4%
Median
$5.6
2.2%
$8.7
2.4%
$3.4
3.0 %
Faculty % of aggregate technology value
8.6%
4.9%
4.9%
As with Table 1, we examined the extent and value of faculty equity holdings in IPOs based on the closing value of the IPO. We also calculated the value of this equity based on the aggregate technology value of the IPOs.
