Diversity of governance contexts for biotechnology companies.

Summary The biotechnology industry can be represented by different activities and different strategies for company growth. These strategies will have an impact on the ownership structure and the quality of the capital providers to be mobilized, and therefore on the corporate governance mechanisms to be put in place. We are moving from a system of government linked to entrepreneurial firms with classic information, to a dynamic system of government (anticipating the sequentiality of the different phases of the search) in which the firm is dependent on financing at each stage. Qualitative information, particularly in terms of research and development, is therefore crucial. The numerous biotechnology firms, with no turnover and less than fifty employees, are medium-sized firms in terms of a process of separation of control and management rights and an opening up of the capital that favours the transferability of rights.