Corporate Venture Capital : parent firm value relationship : firm structure and environment as contingencies

More and more firms are implementing a division of Corporate Venture Capital (CVC) as a strategy to differentiate their portfolio and create value. Through investments in entrepreneurial ventures, companies acquire innovations and new technologies to maintain and increase competitive advantages. Nevertheless, the relationship between CVC and investing (parent) firm remains an important research topic to dive into. Starting from the contingency theory, I propose that a rise in company value via CVC investing is contingent on attentional mechanisms that discipline the selection of fresh investment opportunities. Focusing on U.S. American parent companies of CVC divisions, this dissertation examines the impact of industry and firm-specific determinants on CVC investment activity in various industries, as well as related effects on firm value. An increase in firm value connected with CVC investing, I believe, accrue to firms that adopt specified operational structures and operate in specific environments, with business similarity with the entrepreneurial ventures and operating in the same metropolitan area. I show evidence that parent firm value increases among companies investing in CVC that are operational concentrate and operate in low munificence environments. I find support for my research model in a sample of 1.989 firm-year observations and 159 U.S. American companies between 2000 and 2020. This analysis aims to show that managers of companies which are active in the CVC market should take into considerations the above-mentioned effects when approaching an investment in venture capital, in order to maximize the firm’s gains in terms of innovations and strategy.Cada vez mais empresas estão a implementar uma divisão de Corporate Venture Capital (CVC) como uma estratégia para diferenciar a sua carteira e criar valor. No entanto, a relação entre a CVC e a empresa (mãe) investidora continua a ser um importante tópico de investigação a aprofundar. Partindo da teoria da contingência, proponho que um aumento do valor da empresa através do investimento da CVC está dependente de mecanismos de atenção que disciplinam a seleção de novas oportunidades de investimento. Centrando-se nas empresas-mãe americanas das divisões CVC, esta dissertação examina o impacto da indústria e dos determinantes específicos da empresa na actividade de investimento CVC em várias indústrias, bem como os efeitos relacionados no valor da empresa. Um aumento no valor da empresa ligado ao investimento da CVC, creio eu, resulta em empresas que adotam estruturas operacionais específicas e operam em ambientes específicos, com semelhança de negócios com os empreendimentos empresariais e que operam na mesma área metropolitana. Mostro provas de que o valor da empresa mãe aumenta entre as empresas que investem em CVC que são concentradas operacionais e operam em ambientes de baixa munificência. Encontro apoio para o meu modelo de investigação numa amostra de observações de 1.989 de anos de empresa e 159 empresas americanas entre 2000 e 2020. Esta análise visa mostrar que os gestores de empresas activas no mercado de CVC devem ter em consideração os efeitos acima mencionados ao abordar um investimento em capital de risco

Bone health management in the continuum of prostate cancer disease: a review of the evidence with an expert panel opinion

Bone health impairment is a frequent detrimental consequence of the high bone tropism of prostate cancer (PCa) cells. It is further worsened by administration of androgen-deprivation therapy (ADT), the current standard of care in the management of advanced PCa, through a rapid and dramatic increase in bone turnover and body mass changes. As a result, patients may experience substantial pain and poor quality of life (QoL) and have an increased risk of death. Notwithstanding the importance of this issue, however, bone health preservation is not yet a widespread clinical goal in daily practice.To address this urgent unmet need, following a thorough discussion of available data and sharing of their clinical practice experience, a panel of Italian experts in the field of bone health and metabolism formulated a number of practical advices for optimising the monitoring and treatment of bone health in men undergoing ADT during all phases of the disease. The rationale behind the venture was to raise awareness on the importance of bone preservation in this complex setting, while providing an instrument to support physicians and facilitate the management of bone health.Current evidence regarding the effects on bone health of ADT, of novel hormone therapies (which improve progression delay, pain control and QoL while consistently carrying the risk of non-pathological fractures in both non-metastatic and metastatic PCa) and of bone turnover inhibitors (whose use is frequently suboptimal) is reviewed. Finally, the expert opinion to optimise bone health preservation is given

Gonadal Function in Male Patients With Metastatic Renal Cell Cancer Treated With Sunitinib

Background/aim: Single-agent tyrosine kinase inhibitors are still prescribed as first-line treatment to a relevant subgroup of patients with metastatic renal cell carcinoma (mRCC). These agents are known to cause disfunction of many endocrine glands (e.g., thyroid). In this two-step trial, we aimed to assess gonadal function among male patients with mRCC treated with sunitinib. Patients and methods: We enrolled a first cross-sectional cohort of pre-treated (>6 months) patients and a subsequent cohort of treatment-naïve patients who were prospectively followed-up. All patients were screened for hypogonadism and received a Functional Assessment of Cancer Therapy - General (FACT-G) questionnaire at study entry and after 6 months of therapy. Patients who were candidates for testosterone replacement therapy (TRT) also received a FACT-G questionnaire at baseline and 3 months after supplementation. Results: Among the 30 enrolled patients, the prevalence of hypogonadism was found to be higher in those receiving sunitinib for a longer period (27.3% at baseline, 41.7% in the first 6 months, and 68.4% after 9 months of therapy). The testosterone level of patients correlated with quality of life (R=0.32). A total of six patients received TRT, with a significant improvement in their global quality of life after the first 3 months of treatment. Conclusion: An increasing prevalence of hypogonadism was seen among male patients who received long-term treatment with sunitinib. TRT was associated with relevant improvements in quality of life. These findings corroborate similar published observations and encourage the assessment of gonadal function in male patients with mRCC under treatment with sunitinib

Immunotherapy failure in adrenocortical cancer: where next?

Excerpt: Adrenocortical carcinoma (ACC) is a rare endocrine neoplasia, characterized by an overall dismal prognosis and its clinical manifestations are the consequence of either steroid excess or tumor mass progression. Surgery is the mainstay of therapy. For patients with locally advanced or metastatic ACC, not amenable to surgery, Mitotane and cytotoxic chemotherapy (with etoposide, doxorubicin and cisplatin - EDP scheme) are the systemic treatments currently in use

Immune Checkpoint Inhibitors in Malignant Pleural Mesothelioma: A Systematic Review and Meta-Analysis

Many clinical trials have investigated the role of ICIs in PM, with contrasting results. We performed a systematic review and meta-analysis of clinical trials testing single-agent anti-Programmed Death -1 (PD-1)/Programmed Death-Ligand 1 (PD-L1), anti-Cytotoxic T-Lymphocyte Antigen 4 (CTLA-4) or combined treatment in PM patients, analyzing response and survival rate as well as safety data. We selected 17 studies including 2328 patients. Both OS and PFS rates were significantly higher with combined ICI treatments than with single agent anti-PD-1/PD-L1 (p < 0.001 and p = 0.006, respectively) or anti CTLA-4 (p < 0.001) treatments. ORR and DCR for all ICI treatments were 20% (95% CI 13–27%) and 56% (95% CI 45–67%), respectively, and they did not significantly differ between combined and single agent treatments (p = 0.088 and p = 0.058, respectively). The 12-month OS and 6-month PFS rates did not differ significantly (p = 0.0545 and p = 0.1464, respectively) among pre-treated or untreated patients. Combined ICI treatments had a significantly higher rate of Adverse Events (AEs) (p = 0.01). PD-L1-positive patients had a higher probability of response and survival. In conclusion, combined ICI treatments have higher efficacy than single agents but are limited by higher toxicity. Efficacy was independent of treatment line, so a customized sequential strategy should still be speculated. PD-L1 expression could influence response to ICIs; however, reliable biomarkers are warranted