Commercialization strategies of young biotechnology firms: An empirical analysis of the U.S. industry

We studied the commercialization strategies of young biotechnology companies in the United States building on previous studies by assuming that commercialization also includes intermediate forms like hierarchical or bilateral cooperation. Our hypotheses are derived from the Resource-Based View, Transaction Cost Economics, and Property Rights Theory. The results show that the propensity to integrate is related to the appropriability regime, direct capabilities, financial resources, and synergies between the products. Our results show that the Resource-Based View and Property Rights Theory contribute a great deal to explaining commercialization strategies, whereas Transaction Cost Economics explains less.