The authors thank Marco Ceccagnoli, Olivier Chatain, Chirantan Chatterjee, Colleen Cunningham, Elsa De Giovanni, Luis Diestre, Gregory Glass, Stuart Graham, Jorge Guzman, Matthew Higgins, Goncalo Pacheco de Almeida, Bhaven Sampat, Eunhee Sohn, John R. Thomas, Matteo Tranchero, Sean Tu, Samantha Zyontz, the department editor, the associate editors, and four anonymous reviewers for their invaluable comments. The authors also thank participants in the Intellectual Property and Innovation Virtual seminar, the Max Planck Innovation & Entrepreneurship seminar, the IE Business School brown bag seminar, the Boston University seminar series, the Pharma & Intellectual Property Workshop, the Strategy Research Forum, the DRUID Conference, and Barcelona Graduate School of Economics for their helpful comments. Kimon Dimitrios Protopapas provided excellent research assistance.