While prior research has compiled a multifaceted picture of why firms collaborate and how they may benefit from it, existing knowledge regarding the value created by corporate alliances is limited to some standard value drivers. The present book broadens this understanding of collaborative value creation in several respects: It employs a unique single-industry dataset at the European level. The book therefore can serve as a valuable resource for practitioners, researchers, and interested readers on the development of the European biotechnology industry and its alliance activity. The present study ventures into a number of hitherto neglected substantive topics, such as alliance dynamics, the value of contractual flexibilities, and the impact of environmental uncertainty. The publication also pays particular attention to ensuring the validity of the research, given its unique single-industry dataset at the European level, and uses advanced event-study and cross-sectional regression methodologies.