The last few years have witnessed a rapid increase in the number of research and development (R&D) agreements in biotechnology, both among companies, and between companies and public research organisations. But their spontaneous nature and high research content do not lend well to classical economic analysis. Indeed, according to conventional theories of competition, companies negotiate such agreements either to make savings in R&D, share risks and increase product opportunities, or save on immaterial investments, for example, by sharing information or obtaining improved technology transfer. But the reality is more complex, because scientific cooperation does not follow market rules. A more historical and sociological perspective shows that what is innovative in such consortia are their forms of ''organisation''. In particular, such agreements represent sophisticated means of acquiring knowledge and savoir-faire; a marked departure from the Henry Ford era, where optimisation of mass production was the dominant ethos. Indeed, cooperative research in biotechnology perhaps provides a form of social laboratory - free from the immediate constraints of the market - where new forms of work organisation are being developed. The success of such partnerships, depends on each partner's knowledge of the others' institutional history, professional traditions and the corporate culture. A posterior evaluation of R&D agreements shows that their success is directly related to the amount of respect among the partners for the diversity of each other's various approaches. Public research policies need to take such factors into account more, if they are to be more effective. The most tangible gains realised by such consortia are the mutual acquisition of competences and knowledge. R&D agreements in biotechnology cannot be understood as simple economic entities, because they are evolving forms of organisation. This suggests that it is important to introduce flexibility into the contractual arrangements among partners cooperating in research.