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The biotech living and the walking dead

A detailed look at the economic impact of university-licensed life science startups across the United States reveals vast differences in the effectiveness of different regions to create ventures and sustain them as viable entities.

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Fig. 1

Libby Thomas

Fig. 2: Final disposition of selected ULS firms, by cohort.

Libby Thomas

Fig. 3

Libby Thomas

Fig. 4: Average number of employees, by category and cohort.

Libby Thomas

Fig. 5

Libby Thomas

Data availability

The datasets generated during and/or analyzed during the current study are available from the corresponding author on reasonable request.


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We thank the Kaufmann Foundation for their generous financial support of this research.

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Correspondence to Paul C. Godfrey.

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Godfrey, P.C., Allen, G.N. & Benson, D. The biotech living and the walking dead. Nat Biotechnol 38, 132–141 (2020).

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