The work investigates the effects that a specific science industry collaboration scheme, joint research, generates in three areas, such as: production of academic activities, scientific knowledge commercialization and society at large. It is an in-depth work on joint research in a developing country that covers three different types of effects. The work highlights the specific industrial contributions that make it possible such effects to be verified, with special attention to societal effects, an aspect rarely present in the literature. Based on some dimensions that recent literature has identified and where more empirical evidence is needed, a multiple case study has been carried out through the selection of three public private collaborations in Argentine biopharmaceutical sector responding to joint research characteristics. Among the main findings, the identification of the different ways in which relationship with industry allows science: to intensify its publication activity, by having more resources and identifying new thematic niches to publish; to improve teaching, using co-generated knowledge and shared equipment; to expand its research agenda both towards applied topics and towards more basic ones. Likewise, relationship with industry allows knowledge generation that, in addition to being central in the creation of start-ups and patents, also contribute to perform new services of commercial nature. Finally, joint research generates effects that benefit society in general, through cheaper domestic diagnostic or therapeutic solutions improving public health.