专利诉讼与研发活动对新创生物科技公司的影响——基于纳斯达克上市公司数据的实证研究

The Impact of Patent Litigation and R&D Activities on Biotech Startups: Empirical Research Based on the Information of NASDAQ-listed Companies

摘要:

专利保护和研发投入对资本密集和知识密集的生物科技产业至关重要。作为极具前景的基因编辑工具，CRISPR/Cas9的专利纠纷及商业化进程是生物科技产业的关注焦点。以纳斯达克上市的EDIT，CRSP以及NTLA三家典型基因编辑公司为研究对象，通过事件研究法研究专利诉讼以及研发活动对公司市场价值的短期动态影响。研究表明，专利、技术稳定性以及临床试验进展是中短期影响公司市场价值的重要因素。市场对专利诉讼的一审判决最为敏感，随着诉讼局势明朗，技术稳定性和临床试验进展对公司市值的影响比重逐步提高。在此基础上，对新创生物科技公司在专利诉讼策略、研发活动信息披露以及负面技术信息应对等方面提出建议。

Abstract:

Patent protection and R&D investment are important for capital-intensive and knowledge-intensive biotechnology industry. Since CRISPR/Cas9 is a promising tool for gene editing, the patent disputes and its commercialization has become the focus of the biotechnology industry. The case study of EDIT，CRSP and NTLA, three NASDAQ-listed typical gene editing companies was performed to examine the short-term dynamic impact of patent litigation and R&D activities on the market value of the three companies through an event-study approach. The result shows that patent, technical stability and clinical trial are important influence factors of the market value in the short and medium term. Investors are sensitive to the first-instance judgment of patent litigation. With the situation of patent litigation becoming clear, the influence of technical stability and clinical trial on the market value is gradually increasing. Based on conclusions above, specific suggestions are put forward in terms of patent litigation strategy, information disclosure of R&D activities, and response of negative technical information.