Research Handbook of Entrepreneurial Exit
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Research Handbook of Entrepreneurial Exit

Edited by Dawn R. DeTienne and Karl Wennberg

With contributions from authors around the globe, Research Handbook of Entrepreneurial Exit explores this most important phenomenon in the entrepreneurial journey. This book presents a comprehensive review of the current issues in entrepreneurial exits, and provides theoretical and methodological insights for future research. It explores the historical perspective and discusses topics such as gender and exit, retirement, psychological barriers, emotional aspects, venture capital funding firm relocation and exit from social ventures.
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Chapter 3: When silos collapse, what happens to the seeds? A case study of the diffusion of people and ideas when a firm’s research programs are cancelled

Kelley A. Packalen


ImmuLogic was incorporated on 26 March 1987 by its founder, Malcolm L. Gefter, a tenured professor at the Massachusetts Institute of Technology (MIT) and a leader in the field of immunology. ImmuLogic’s products focused on long-term and permanent treatments for common allergies, on possible applications to autoimmune diseases, and later on the development of vaccines to neutralize the effects of substance abuse. The fundamental science behind these commercial applications had been developed by Gefter and several colleagues at MIT beginning in the early 1980s. For most of its twelve-and-a-half-year history ImmuLogic was considered a success story. Despite being unprofitable, it was a favorite among analysts as it was cash rich. It was also full of potential, with multiple products showing promise in various stages of clinical trials. In its latter years, however, the loss of a key alliance partner in a merger shakeout and several disappointing results in late-stage clinical trials led to the rapid demise of this once-celebrated firm. Thus, with shareholder approval, on 25 August 1999 ImmuLogic ceased operations and began the board-recommended process of liquidating its assets.

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