Posted on November 1st, 2011 by
While commercializing biotech discoveries is high-risk, one big success can dwarf everything else. Steve VanNurden, chairman of Mayo Clinic Ventures in Minnesota , estimates that the clinic would have earned “hundreds of millions of dollars” over the years if it had exploited the rights to cortisone instead of giving them away (to Merck), a common practice at the time. Two Mayo Clinic scientists isolated cortisone and identified its therapeutic power in the 1930s and 1940s and shared a Nobel Prize for their work in 1950.
Dallas Morning News, 11/1/11
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