US university auctions patents
Pennsylvania State University – or Penn State – in Philadelphia, USA, plans to auction some of its patents deriving from faculty research in various technical fields. The buyers will get the licensing rights to the patents.
Over the last 10 years, some 400 patents have been issued to Penn State. Only about half of them have been licensed to companies that want to commercialise the patents. The auction is a way to find companies that can benefit from the remaining patents.
The online auction, which will take place in December, will include patents from the fields of materials, chemistry, human health, agriculture, biotech, engineering and information sciences.
The auction is not the first one. Earlier this year, 73 patents were put on offer, but only two were licensed. According to Penn State, the auction was still a success because it raised companies' awareness and has also given a better understanding of the value of the patents.