JAIST Repository: 米国バイオベンチャーの特許ポートフォリオに関する調査研究

JAIST Repository

https://dspace.jaist.ac.jp/ Title 米国バイオベンチャーの特許ポートフォリオに関する 調査研究 Author(s) 早乙女, 周子; 中屋, 百合恵; 阿部, 誠二 Citation 年次学術大会講演要旨集, 28: 822-827 Issue Date 2013-11-02

Type Conference Paper

Text version publisher

URL http://hdl.handle.net/10119/11836

Rights

本著作物は研究・技術計画学会の許可のもとに掲載す るものです。This material is posted here with permission of the Japan Society for Science Policy and Research Management.

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ȪŏƜ*Ìǚà-õþ9fFKl~Yt;Ƌ6º>&< 1)ÂǚKk~FdlSw~, Ŀĸ(&fFKl~Yt-ȕǤ'=Ķè+&ťĝ…ðȹIPOȺ fFKl ~Yt-_{2012 ė 9 śŗƀ' 22 ƪ'<}2)ĵÄs]{(*=fFKl~Yt-3(B)Ɓ5 ǀä…ū*ãȮ+Ƣȩ&<ǀädGeG,ǙƭĪǤ(*#&= 3)fFKl~Yt, ĵÄǤå+ȝ=āȗƜǧš(&-IPO ŗ,ȂȘǷȏȯ-ƯêgFkyF~,ŋƥƮǍ,Ç ¯ŗȜ+&ŜıĒ# (ïÞ>&= 4)Âǚ+&ȕǤ'=ƤǾķƐ+$&,ǧ š-¿ȇ,_{IPO ŗ,ȂȘǷȏȯ+ȝ=ƥƮ'-ƃǭ§Ŝŋ+$&-ŜıĒƁ# (ïÞ} >&= 4)ƃǭ-µ&Ʊ¥«AŜ=@'-*5 gFkyF~ŋ(,ƣȝ8Ɓ  5)(;ƃǭn^iJzKfFKl~Yt,ŧ+ˆ=ģȫ+$&:<āȗƜ*ǧ šŝ5>&=5 ťĝ…ðÑ*#&&=Ŗ“,ƄŸ;fFKl~Yt+(# &ƈé-ťĝēð!'-*ȀÔȹ_{MȸAȺŧĵÄ,ơÿ(*#&='şƥƮ-f} FKl~Yt,ǀä+ć=ƃǭn^iJzK,ģȫ+$&fFKl~Ytôŋȅº> &=ƵèfFKl~YtAćǼ( DžljƜ*ǧšAǜfFKl~Yt,ŧȎä+= ƤǾķƐ,ȕǤĭAŦǯ=(AơƜ(= 2. "'
ćǼ(*=ƵèfFKl~Yt,ľº-Ƶèǯ¾ÕĞûá›ȹ_{SECȺ,…ðšŧ]WlT,} EDGAR A¢ƍSIC P_ 2833ȹMedicinal Chemicals & Botanical ProductsȺ2834 (Pharmaceutical Preparations)2835ȹIn Vitro & In Vivo Diagnostic Substances Ⱥ2836 (Biological Products)8731 (Services-commercial Physical & Biological Research)'= 1976 ė˜Ƞ+Ƶè'ǬƯ> fFKl~Y tAŦƼ ů+Œýšŧ,ü›ƪ9_{SEC ;ȂŎ´ĸ'*fFKl~YtȢó536} ƪAľº >;,¹ćǼƪŋ,Ƨ§(fFKl~Yt,ŧ»š,×ǑĭAnjĴ&1990 ė;_{1995 ė+ǬƯ> fFKl~Yt144 ƪ+$&ØfFKl~Yt,ėïƱ;ŧ} ĢijȹÂǚìÂǚÓ/ƥƮʼnňìƥƮʼnňìȺExitȹM&AƦƌǀäǃDŽŠȺAǷŤ 
…ǫ,ȉ<ľº _{144 ƪ, "ƥƮʼnňìfFKl~YtAȢÂǚfFKl~Yt123 ƪ} AćǼ(&ƃǭǷŤAǜ# ¸ Ɯ+-_{Thomson Rueuter ƪ, Derwent Indexȹ˜†DerwentȺA} ƍ&ØfFKl~Yt,ºȰ’Û+:=Øƪ,g\~^iCpzź1_{AǷŤ ȹ2012 ė 9 ś}

20, 21 œ]WľºȺ* M&A  ė˜¿,±²ŭ‹ğœƁg\~^iCpz-Ȣó Ř +ØfFKl~Yt,g\~^iCpzŋØg\~^iCpz,ºȰèÓ/,ŋƃǭŤā ,ŜƁAǷŤ Ř+_{Exit õĸǡǚšŧ+ȀÔ> O{kȹ˜†M&A (Big Pharma)Ⱥf} FKl~Yt+ȀÔ> O{kȹ˜†M&A (Biotech)ȺƦƌ O{kȹ˜†BankruptcyȺ ,ØO{k;g\~^iCpz»šȬơĖëƜ'# fFKl~YtAȻƪ$ȑĽ ƃǭn^iJzK(gFkyF~,ȝ¦+$&»š ¸ Ɯ+-Øg\~^iCpz, PCT ºȰź2_{Ò-PCT ºȰƁðÙ+-ư‚èºȰ,ŕƽř:<ºȰœ±²ŭ‹ğ,ŜƁǸŵȬ}

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Exit M&A _{(Big Pharma)} M&A _(Biotech) Continue Bankruptcy šŧŋ _(%) 19 (15) 29 (23) 48 (39) 27 (22) 3.2  $
ØfFKl~Yt,ėȜg\~^iCp zŋAƳº ǁ޵ ,ĖëėȜg\~ ^iCpzŋ-_{4.8 '# O{kŲ,} Ėë«,ųȄ'-_{Bankruptcy ȹ1.6ȺŚ8} Ċ*Continueȹ3.5ȺM&Aȹ7.9ȺM&A (Big Pharma) (13.5)Ó/ M&A (Biotech) (4.3),ØO {k+ų&ŜıŴž 1%'Ŝı+Ÿ# ȹç_{1Ⱥ‚ŐM&A ,ėȜg\~^iCp} zŋ-ôŠ'8_{M&A (Big Pharma)-} Bankruptcy ,•Continue (8ŜıŴž 1%' Ŝı+g\~^iCpzŋô# 
ç_{1ȾėȜg\~^iCpzŋ,Ėë«Ó/Šö«}
ů+ØfFKl~Yt,g\~^iCpz+$&»šAǜØO{k+=fFKl~ Yt,Ėë«AƳº ȹǞ2ȺƃǭŤāÁÙ-g\~^iCpz,Š'‚™'8ƃǭĵƯ &>.ƃǭŤāŜ<( 5 Ìǚàēð,ƺ_{80%AœƵŰ'Ð7&=}6)(;_{PCT ºȰ} EP ºȰź3_{ƵèºȰÓ/œşºȰA&=g\~^iCpzȹ˜†„ŨºȰȺAǧš } ,ǁŢ_{M&A - ContinueBankruptcy +ųȄ&ƃǭŤā,ÁÙŜıŴž 5%'ȶ# ‚ŐPCT} ºȰÁÙ-_{Continue (ųȄ& M&A ŸÁÙ(*# EP ºȰÁÙĖëºȰèŋ„ŨºȰÁ} Ù-ØO{kȜ+&ŜıĒ-Ɓ# ‚ŐėȜ„ŨºȰŋėȜƃǭŤāŜ<„ŨºȰŋ ėȜ„ŨºȰŋȹ_{5 L蘅Ⱥ+$&-Bankruptcy  Continue, M&A (ųȄ&ŜıŴž 1ȷ'Ŝ} ı+Ċ*# ‚Ő'M&A(Big Pharma)-ėȜ„ŨºȰŋėȜƃǭŤāŜ<„ŨºȰŋėȜ „ŨºȰŋȹ_{5 L蘅ȺėȜ„ŨºȰŋȹ10 L蘅Ⱥ+&Bankruptcy ,•Continue (ųȄ} &8ŜıŴž_{1%'Ŝı+ô(»# } Ǟ2Ⱦg\~^iCpz»šǁŢ »šȬơ Bankruptcy (N=27) Continue (N=48) M&A (N=48) M&A (Big Pharma) (N=19) M&A (Biotech) (N=29) ƃǭŤāÁÙ _(%) 59.7 53.7 70.8* 65.3* 74.6* PCT ºȰÁÙȹ%Ⱥ 82.3 83.7 74.2 78.9 71.1* EP ºȰÁÙ (%) 58.2 60.1 56.6 56.6 56.6 ĖëºȰèŋ 3.6 3.8 3.8 3.9 3.7 „ŨºȰÁÙ _(%) 35.9 42.5 39.4 39.9 39.0

ėȜ„ŨºȰŋ 0.6 1.3** 2.3** 3.6** 1.5** ėȜƃǭŤāŜ< „ŨºȰŋ 0.5 0.9* 1.9** 2.8** 1.3** ėȜ„ŨºȰŋ ȹ_{5 L蘅Ⱥ} 0.4 0.8* 1.2** 1.7** 0.8* ėȜ„ŨºȰŋ ȹ_{10 L蘅Ⱥ} 0.2 0.3 0.4 0.6** 0.3 *- Bankuruptcy (ŜıŴž 5%'**-ŜıŴž 1ȷ'ŜıĒŜ< 3.3. )0$

ů+ŧŀõ+ĵÄ _{M&A (ŧ÷Ŋ Bankruptcy ,ØO{k'…ǫg\~^iCpz} »šȬơŚ8Ėë!# fFKl~YtȾ_{M&A(Big Pharma),—Ǟ(& 2011 ė+ Roche +ȀÔ} > _{Anadys Pharmaceuticals Inc.ȹ˜†ANADYSȺAM&A (Biotech),—Ǟ(& 2000 ė+ Lion} Bioscience ƪ+ȀÔ> Trega Biosciences Inc.ȹ˜†TREGAȺABankruptcy ,—Ǟ(& 2010 ė +©ƌ Vion Pharmaceuticals Inc. ȹ˜†VIONȺAȑĽƃǭn^iJzKA»š ćǼ šŧ,ƃǭn^iJzK+$&Øg\~^iCpz,_{PCT ºȰÒ-ư‚èºȰ,ŕƽř,»š} ,ũǤAǞ 3 +Ʃ* VION +$&- 22 ™,g\~^iCpz, "Šè,6+ºȰ>&  ºȰƃǭ_{2 ™AȢ 20 ™+&ǷŤAǜ# }

Ǟ3Ⱦg\~^iCpz»šũǤ

ºȰ’ŋƙŕǍŋ+- _{3 ƪ,Ȝ+>3} )õ*Ē-Ɓ# ±²ŭ‹ğ+$ &- _{ANADYSTREGA 34µ&,ƃ} ǭºȰ'±²ŭA‹ğ&=,+ć VION - 20 ™, " 6 ™ȹ30%Ⱥ'± ²ŭ‹ğ&*# ĖëǸŵȬŋ-VION  38.1 ( 3 ƪ,Š'Ś8ô ANADYS  25.9 (Ś8Ċ*# ƆƯǸ ŵȬŋ-_{ANADYS  9.2 (Ś8ôVION  6.9 (Ś8Ċ*# ů+Øƪ,ƃǭn^iJz} K(gFkyF~,ȝ¦+$&»š 

3.3.1 ANADYS 

_{ANADYS -ġ¼ Scriptgen Pharmaceuticals Inc.(& 1992 ė+ǬƯ> ANADYS -îƠĺǝ} (&ŏǦȒœüŬƜ,Úā€ǰ¥Ó/ËÙƂ,_{HTS(High Throughput Screening)AŜ>AlT} +&ǡǚ›ƪ(,·ÚƥƮȹÌǚz_ËÙƂ,ńƼ€ÚāƱȺ(Úŗ+Ǖƪ¹',ÌǚªǠË ÙƂ,ńƼAǜ (AķƐ(& 7)&_{2011 ė+ Roche +ȀÔ>=ŗƀ'-ȼ$,Ì} ǚªǠËÙƂANA598ȹHCV ŷƗǚȺÓ/ ANA773ȹHCV Ó/ƘŷƗǚȺǔĚțƙűȣ+# 8) ǸŵȬ»š,ǁŢ;1995 ėȿ2001 ė+&ÂǚŬƜ»ü9ËÙƂ,TNza~OŐŹ+ȝ =ƙŕŋôºȰ>5 _{2003 ėȿ2009 ė+&ŏǦÌǚƂȃÓ/,ÌǚƿĵƂ+ȝ=ƙ} ŕŋôºȰ>& >-šŧķƐ+ħġ¼, 7ȿ8 ė-Ǖƪ¹',ŏ *ÂǚŬƜ»ü, ńƼ(,TNza~Oĺǝ,țƙ+źÃ& (AƩ8,(nj;>=>;ƃǭºȰ- ǕƪîƠĺǝ,§ǻ€ĠË(·+ǡǚšŧȹ_{HMR, BioChem, Eli Lilly, Roche, Monsanto, ArQule,Inc.}7Ⱥ_Ⱥ

(,·ÚƥƮ+ć=ǕƪĺǝÃ,n\~St{AƩ(+ĤƯ# 8,(ŅŽ>=,ĥ 2003 ė+ƃā,ŬƜȹTLR7Ⱥ,zM~_( HCV ŷƗ(,ȝ¦ǥº>ŷƗŐŹ+ȝ=ǸŵȬ ȦŠ& &_{2003 ė; 2009 ė+&ŋô,ŏǦËÙƂ,Ùĵ(ǰ¥ǜ@>HCV} ŷƗǚ(&,ŏǦÌǚƂȃÓ/,ÌǚƿĵƂ+ȝ=ƃǭºȰƷÃƜ+ǜ@>& _ANA598 ,ÌǚƂȃ-2006 ė+œƵۄŨ,• 9 è+ƃǭºȰȹWO2007150001Ⱥ>5 ANA773 +$ &- _{2004 ėÓ/ 2007 ė+>>„Ũ,• 10 èÓ/ 9 è+ƃǭºȰȹWO2006066080 Ó/} WO2007150002Ⱥ>Lf>& ANADYS -,: *ƃǭºȰ,ĸġAǜ ((‰ǜ &Ǖƪ+&ǔĚțƙAĂő& _{ANA598 -2008 ė+¿ǔĚDZȳțú>2011 ė,Ȁ} Ôŗ+-ư_{2b ƣǔĚDZȳ,űȣ+# 5 ANA773 -2009 ė+ư 2a ƣǔĚDZȳ&2011} ANADYS (N=56) TREGA (N=34) VION (N=20) ĖëºȰ’ŋ 1.1 1.0 1.3 ĖëƙŕǍŋ 3.9 3.4 3.7 Ėë±²ŭ‹ğ™ŋ 1.1 1.1 0.3 ĖëǸŵȬŋ 25.9 29.9 38.1 ĖëƆƯǸŵȬŋ 9.2 8.3 6.9

ė+-ư_{2b ƣǔĚDZȳțúŽā>&} 9) 3.3.2 TREGA 

<sub>TREGA - Tea Bag Ź+:=P~h`^zD{yFjyzÙĵŹAƧƯ Richard A. Houghten Ï</sub> ñ+:#&ġ¼Houghten Pharmaceuticals Inc.ȹ˜†HoughtenȺ(&1991 ė+LziJ{aDĐ R~]EIQ+ǬƯ> 
ƃǭn^iJzK»š,ǁŢ;<sub>1995 ė; 1999 ė,ȜŚ8ƃǭºȰô*>& (</sub> @# ƙŕ,¹Ą-mkY_Ò-ǣƻƊËÙƂ,P~h`^zD{yFjyzÒ-,Š ;ȑĽ>=ËÙƂÓ/>;yFjyz,ÙĵŐŹ+ȝ=ºȰõÍAÐ7 5 $ ,mkY_Ò-ǣƻƊËÙƂ+$&ǏǓȥă9³ƒĻ½,ƍȈƙŕ+ȝ=ºȰ8# Ř+ yFjyzÙĵǟLj+ȝ=ƃǭºȰ8_{2 ™# ‚ŐÂǚŬƜ9TNza~O+ȝ=ƙŕ} -µÝ5>&*# ,(;P~h`^zD{yFjyz,Ūƴ(yFjyzË ÙƂ,ƍȈńƼ+ƃË&ƥƮțƙAǜ#&=(ŅĆ> 
TREGA ,gFkyF~(&-Houghten ŗ—+țƙªǠà HP228 ( HP466 , 2 $# 10) HP228 -Ƙ2 ìƸċƔǝĥȚƕAćǼ+ Sygnis Pharma +:#&ư 2 ƣǔĚDZȳ5'țƙǜ@>  HP228 +ȝ=ƃǭºȰ(&-Ś¼+ºȰ> WO9513086 ( 3 Ƒơ+ºȰ> WO9709995  <¿Ǎ-ÌǚƂȃ(ŷƗŐŹ,ǸŵȬĥǍ-ŷƗŐŹ,ǸŵȬô# _{HP466 +$&-z} GoYƱAćǼ+țƙǜ@> ¿ǔĚDZȳ5'țƙƄŸ-ƧǴ'5 ŪȊĝ‡ŕ, 7ćī=ƃǭºȰAƃā=(-'*# ,•ÂǚƥƮ-õĸǡǚšŧ(,·ÚƥƮ A”&yFjyzĺǝAҤ& 5 ĺǝkyZ^iJq(&-_ChemoFolio®_iDEATM DiscoveryTM_{AŜ& ChemoFolio}®_{-400,000 ˜…,Ÿ»üËÙƂyFjyz'=iDEA}TM

-1998 ė+ TREGA ƪȀÔ NaviCyte ƪ§Ŝ ST\qAî+țƙ in silico +&ǚÀ,  ¹ÉijAƩSpv|Sw~s]{'=_DiscoveryTM-_ChemoFolio®( _iDEATMA¢#&ªǠ ǚƂAŽŽ=ĺǝ'=şƥƮ,ƃǭ»š+&-Spv|Sw~9ǚƂªǠŽŽ ĺǝ+ȝ=ƙŕ-Ý5>&*# 

_{TREGA - 2000 ė+_F[, Lion Bioscienceȹ˜†LionȺ+ 6 ° 5000 ƒ_{'ȀÔ>&=} ,ȀÔ+ #&-_{Lion  TREGA ,P~h`^zD{yFjyz9Spv|Sw~ST\q} Ʊ,ÂǚĺǝkyZ^iJqAȶǰ¥_{Lion §Ŝ=ĺǝ(ƿ6Ù@=(+:<ŧÊŀõ} Aƅ# (ïÞ>&=11Ⱥ_ 3.3.3 VION 
VION -PcYLZ^Đ+şƪALjļM~À,ÂǚƥƮ€țƙAǜ šŧ(& 1992 ė 3 ś+ ǬƯ>_{2009 ė 12 ś+©ƌAƙǞ}
»š,ǁŢVION -‹+ 1997 ėÓ/ 1999 ė+ô,ºȰAǜ#&=(»# ,Ȝ+ ºȰ> ƙŕ,‹*¹Ą-ļǒƖŻĭAŜ=ÌǚƿĵƂÓ/ġDzƿĵƂ+:=ŷƗŐŹļGF {T¡ƍAŜ=bN|KS_ȱž ǒƖAŬƜ(=_yZO]zfzST\q+ȝ=ƙŕ' # _{2000 ė˜Ƞ+ºȰ> ƙŕ-‹+ļǒƖŻĭAŜ=ÌǚƂȃ€ÌǚƿĵƂÓ/ġDzÌǚ} Ƃȃ€ÌǚƿĵƂ+:=ŷƗŐŹ+ȝ=8,'# 

şǷŤǁŢ:<_{VION -ƃǭķƐ(&yFV~TAÖ Yale õþ,îşƃǭ+ȝȋ=ƃǭȹÙ} ĵŐŹ9ŷƗŐŹ*)ȺAºȰ=(+:<ßȆĺǝAƧ§: (& (ŅĆ>= ĂVION -Úƪ,îşŐș,‚$(&DL]pD(,·ÚƥƮ+:=ļǒƖÀ,țƙAņ& <lT(*=ĺǝ-_{Yale õþ,ƥƮĵŢAĉ´=(Aţ+&} 12Ⱥ_

VION ,—ǞƜ*țƙªǠà'= CLORETAZINE™
_{(Onrigin)-VION  Yale õþ;ĉ´ }

ĬĭȴȵĭƚǛƔA-7(=Ƭ,ǒƖ+ć=ļǒƖŻĭAŜ=ËÙƂ'# _{2001 ė 6 ś} +Ś¼,ư_{1 ƣǔĚDZȳțú> ĥ8 VION -şËÙƂ,țƙ+Ś8źÃ& VION ©} ƌ  = 5 ' + ǡ à Ë + - ǖ ;  _{VION ©ƌĥ, 2012 ė+ Yale õþ;yFV~TAÖ} Nanotherapeutic Inc.ư 3 ƣǔĚDZȳAǀ&ǿò, 7,ƏǸĸDŽAǜ#&=

ȼ$7,—ǞƜ*țƙªǠà(&-Triapine®Ń;>=Triapine®-VION  Yale õþ;ĉ ´ _{DNA ,ÙĵÓ/¨ĩȞă+:=M~ƽǐ,ǣǡAȞă=ËÙƂ'=VION - 1998 ė+} Triapine®_{,Ś¼,ư1 ƣǔĚDZȳAțú,ĥƵè National Cancer Institute(NCI)(·Ú'ƥƮțƙ}

Ƚ$7,—ǞƜțƙªǠà(&-_MELASYN®Ń;>=_MELASYN®-_{VION  Yale õþ;} ĉ´ Ŵſĭ,’đrya~'<1999 ė+-ĈĔĭƚōAȐīƓį(&…ē>&= VION - 1998 ė 2 ś+ MELASYN®,ËƶàÓ/Ìǚà,ǡȊǿòAơƜ( ȨƆÐƜyFV~TA San-Mar Laboratories Inc.+ǭǹ San-Mar Laboratories Inc.1,yFV~Tøƺ- 2003 ė 2 ś+ƾ  8,,13),ĥ8ǣŋ,šŧ+ć_MELASYN®+ȝ=ȨƆÐyFV~Tǭǹ>&=14) 4 $ơ,—ǞƜ*țƙªǠà(&- VION  Yale õþ;ĉ´ HBV Ó/ HIV ŷƗÈŢAŜ =_{NUCLEOSIDE ANALOGS (s-L-Fd4C)Ń;>=2000 ė 2 ś+VION -ş™ĺǝ+$& Achillion} Pharmaceuticals Inc.+ćļGF{TŷƗǚńƼ, 7,RjyFV~TŭAǭǹ 12)_Achillion

Pharmaceuticals Inc.-,ĥş™ǡà+$&ƃ+ HIV-1 ,ŷƗAćǼ+ǔĚDZȳAȌ7&=
_{VION - Yale õþ;ǣŋ,ƙŕ+î%ĺǝAĉ´= 7,yFV~TøƺAÚõþ(LJǁƥ} ƮțƙÓ/ǔĚDZȳAȌ7=(Úŗ+ƥƮʼnňAơƜ(&Yale õþ+ćôȯ,ą–Aǜ#&  2008 ė 12 ś 31 œ5'+VION - Yale õþ+ćYale õþ(,yFV~Tøƺ+î% øƺ‚ ŗȘoF{T^~}Fuz\EƱ,ć¥Ó/ƥƮʼnň+ć=ą–Ș*)džȯƺ _{1,080 ƒ_{Aʼn} Ĺ#&=15Ⱥ_

_{2009 ė 12 ś+-VION -ƵèȲàÌǚàČȹFDAȺ;Úƪ,ŚŜÃțƙâà'#} CLORETAZINE™_{(Onrigin)+$&ȐīįǍ+=Úǚ,ÿµĭ9ÈŢAŕƧ+= 7,y~Xq}

*ƥƮAĀ=: ŵ7;> Úė_{9 ś,ŗƀ' VION ,džȂƌ- 1,920 ƒ_{ǽ®ȯ- 6,500} ƒ_{(*#&<Úƪ+->˜…,DZȳAȍǜ= 7,ȂȘÃ*16)>©ƌ,# +*# 8,(ŅĆ>=

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1) Kneller, R. (2010) ‘The importance of new companies for drug discovery: origins of a decade of new drugs’,

Nature Review Drug Discovery, Vol.9 No.11, pp.867-882

2) fFKF~XT^zÎ›
2012 ėfFKl~Ytǂǩ€ÉÜǷŤïÞřȹ2012 ė 10 śȺ 3) ȹťȺPn|^]E|NSw~
¸ £;þ0ÂǚƹfFKl~Ytǀä,Ǥƀȹ2011 ė3 śȺ

4) D. L. Deeds, D. Decarolis and J. E. Coombs (1997) ‘The impact of firm-specific capabilities on the amount of capital raised in an initial public offering: Evidence from the biotechnology industry.’ J. Business Venturing, vol. 12, pp31-46

5) D.K Parida, R. Mehdiratta and G Saberwal (2008) ‘How many patents does a biopharmaceutical company need?’ Nat. Biotech., vol. 26 (7), pp.763-766

6)œşǡǚđŧΛDATA BOOK 2012

7) NASDAQ.com, Market Activity, IPOs, SCRIPTGEN PHARMACEUTICALS INC IPO ; Company Overview 8) Roche, Media release 17 October 2011

9) US SEC, ANADYS PHARMACEUTICALS INC-FORM 10-K-March 4, 2011 10) EDGAR DATABASE, FORM 10-K405(Houghten), filed as of date:19970331 11) EDGAR DATABASE, FORM 8-K(Trega), filed as of date: 20001228

12) EDGAR DATABASE, FORM 10KSB40(Vion) , filed as of date: 19990331 13) EDGAR DATABASE, FORM 10-K(Vion) , filed as of date: 20040329 14) EDGAR DATABASE, FORM 10-K(Vion), filed as of date: 20060316 15) EDGAR DATABASE, FORM 10-K(Vion), filed as of date: 20090326

16) “VION PHARMACEUTICALS FILES FOR CHAPTER 11 BANKRUPTCY ” Press release dated December 17, 2009 17) |hv(&-S. SH~ǘ
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