研發驅動型生技公司邁向產品商業化前，往往需面臨漫長無營收、科學不確定性與鉅額資金消耗的「死亡之谷」。在缺乏有形資產與短期財務績效情境下，企業如何調度無形的智慧資本以獲取外部資源並實現價值獲取，為亟待解構的議題。本研究奠基於資源基礎觀點與創業導向，並以智慧資本之動態轉化為理論透鏡，旨在探討生技公司跨越死亡之谷的資源運作機制。本研究採質性多重個案研究法，選取台灣兩家具對比代表性的生技公司。包括專注於雙特異性抗體，追求首創新藥（First-in-class）的探索型新藥公司；以及專注於全合成皂苷技術，追求同類最佳（Best-in-class）的利用型佐劑公司。本研究結果歸納出五項理論命題：一、研發驅動型企業之初始資源稟賦存在長期影響，與創業導向校準後決定了企業後續的研發軌跡。二、資源囿限下，生技公司須進行差異化的研發邏輯取捨；清晰建立外部信任，是其跨越死亡之谷的重要基礎。三、研發驅動型企業將人力資本制度化為結構資本之程度愈深，所釋放之品質訊號與形成之信任基礎就愈強，進而愈有利於形塑關係資本。四、研發驅動型企業之價值獲取模式受底層研發軌跡驅動；「離心輻射」軌跡偏好風險移轉之早期變現，而「向心收斂」軌跡則偏好生態鑲嵌之長尾效益。五、企業之持續發展能力，取決於初始資源、研發軌跡與價值獲取是否形成一致的策略邏輯。本研究突破靜態資源觀點與單一線性創新侷限，並系統化解構研發驅動型生技公司由「科學研發」走向「商業變現」的歷程，為高度不確定、高度專業分工的新創生態系，提煉出具備因果鑑別力之「資源稟賦-創業導向-價值獲取」整合模型。

R&D-driven biotechnology companies often face the “valley of death” before reaching product commercialization, a stage characterized by a prolonged absence of revenue, scientific uncertainty, and substantial capital consumption. In the absence of tangible assets and short-term financial performance, how firms mobilize intangible intellectual capital to obtain external resources and realize value has become an issue that warrants further examination. Drawing on the resource-based view and entrepreneurial orientation, and using the dynamic transformation of intellectual capital as its theoretical lens, this study aims to explore the resource orchestration mechanisms through which biotechnology firms cross the valley of death. This study adopts a qualitative multiple-case research design and selects two contrasting biotechnology companies in Taiwan as representative cases. The first is an exploratory new drug company specializing in bispecific antibodies and pursuing first-in-class therapeutics. The second is an exploitative adjuvant company specializing in fully synthetic saponin technology and pursuing best-in-class solutions. The findings of this study are summarized into five theoretical propositions. First, the initial resource endowments of R&D-driven firms exert long-term influence, and, when strategically aligned with entrepreneurial orientation, determine the firms’ subsequent R&D trajectories. Second, under resource constraints, biotechnology firms must make differentiated choices in their R&D logic; the clear establishment of external trust constitutes an important foundation for crossing the valley of death. Third, the deeper the degree to which R&D-driven firms institutionalize human capital into structural capital, the stronger the quality signals and trust foundation they release, thereby facilitating the formation of relational capital. Fourth, the value capiture model of R&D-driven firms is driven by their underlying R&D trajectories: the “centrifugal diffusion” trajectory tends to favor early-stage value realization through risk transfer, whereas the “centripetal convergence” trajectory tends to favor long-tail value creation through ecosystem embeddedness. Fifth, the sustainable development capability of firms depends on whether their initial resources, R&D trajectories, and value capture arrangements form a coherent strategic logic. This study moves beyond the limitations of static resource perspectives and single linear models of innovation. It systematically deconstructs the process through which R&D-driven biotechnology firms move from “scientific R&D” to “commercial value realization.” In doing so, it develops an integrated “resource endowment-entrepreneurial orientation-value capture” model with causal explanatory power for start-up ecosystems characterized by high uncertainty and a high degree of professional specialization.

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《圓祥生技股份有限公司公開說明書（現金增資發行新股辦理股票上櫃前公開承銷暨股票初次上櫃用稿本）》(2025)。https://doc.twse.com.tw/pdf/202512_6945_B07_20260520_170328.pdf
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《圓祥生技股份有限公司網站》https://www.apbioinc.com/
《優億股份有限公司網站》https://immunadd.com/tw/home-%E4%B8%AD%E6%96%87-%E5%8F%B0%E7%81%A3/

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