When publications lead to products: The open science conundrum in new product development

•Open science strategies involving the disclosure of corporate R&D have an impact on innovative performance.•Open science strategies are more beneficial for development of radical innovations than for development of incremental innovations.•Positive effects of open science strategies are reinforced if pursued in conjunction with academic collaborations.•Results from panel dataset of 1033 firm-year observations for 160 UK biotechnology firms over the period 1998–2009.