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Focusing on biotechnology firms, this study analyzes the relationship between the level of intensity of the research and development (R&amp;D) conducted by a firm, the debt financing decisions the firm makes, and the overall value of the firm. The data presented shows that, although most firms are unlikely to acquire financing from the debt market, the opposite is true for firms in the biotechnology industry. One reason for this divergence may be the belief among biotechnology firms that their future commercial success depends on their ability to develop new products, resulting in a strategy of intense R&amp;D. Furthermore, an examination of firm values reveals that while most firm values are negatively correlated with leverage and R&amp;D intensity, biotechnology firm values show no such correlation, implying that biotechnology firms prioritize sustainable commercial success no matter the source of financing.

External Financing, R&D Intensity, and Firm Value in Biotechnology Companies