This paper addresses the question of governance within science-based industries. Across 110 interviews of leaders or managers of biotechnology firms in Quebec, several models dealing with value creation revealed both the issue and nature of interactions between the projects of biotech firms and those of their financial partners. It is because of the radical uncertainties related to the question of mastery of the expert knowledge that a game of exchanges of behaviors takes place. It implies the various protagonists of two regulations, the regulation of the real innovation projects and the regulation of the financial projects, and a set of rules built from a mixed regulation.