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Master Thesis

Financement des start-ups par les fonds de capital-investissement d'entreprises en santé : analyse stratégique et étude d'impact sur la période 2009-2016

Abstract : The financing of innovation in the health sector is among other means realised through corporate venture funds, created by a number of large pharmaceutical and health-related companies. This activity, which evolved in line with the global economical context, is intended to bring the investing company a financial and/or strategic benefit while supporting at best the invested start-up. Litterature on this topic helps us to understand the underlying motives of large companies for establishing such investment vehicles as well as the benefits on the start-up side, mainly centered around expertise and resources' access from the investing company. A case study on the investment behavior of three major pharmaceutical corporate venture funds allows us to distinguish the variety of strategies effectively performed by those investment arms. Then, we realise an impact analysis centered on two measurable indicators being the elapsed time between a financing round of a given health start-up and its IPO as well as the valuation of the start-up at the time of the IPO. We use those key metrics in order to find a potential benefit of receiving corporate venture capital funds compared to institutional venture capital funds.
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Master Thesis
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https://dumas.ccsd.cnrs.fr/dumas-02301881
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Submitted on : Monday, September 30, 2019 - 5:57:34 PM
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  • HAL Id : dumas-02301881, version 1

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Etienne Daher. Financement des start-ups par les fonds de capital-investissement d'entreprises en santé : analyse stratégique et étude d'impact sur la période 2009-2016. Sciences pharmaceutiques. 2018. ⟨dumas-02301881⟩

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