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The purpose of this paper is to investigate the new investments and divestments of intangibles companies perform in the context of open innovation. Indeed, the open innovation process exploits knowledge dissemination and considers the external access to intangible resources as a strategic activity. The framework is tested on a sample of 271 firms operating in two R&D intense industries, bio-pharmaceutical and technology hardware & equipment, for the three-year period 2010-2012. The analysis reveals that intangibles transactions are not relevant in the bio-pharmaceutical industry, since open innovation is far more oriented to revenues and costs. Conversely, for technology hardware & equipment companies the acquisition of intangibles is very widespread, particularly within business combinations. The paper contributes to the current debate on open innovation outlining the role of knowledge and intangible assets in the strategies companies pursue for opening up their processes.

Investments and Divestments of Intangibles in an Open Innovation Context