Is it the case that the research was publicly-funded, but the profits are now being privatized?
This has always been the case. Researchers are free to take the results of their publicly-funded research and run. The govt. sees it as a win-win. It's money well spent because of the jobs created. Taxes from those jobs and profits from the corporations is the ROI.
It is the same income, but the outcome for the society is better I think. There will still be jobs created and corporate profits.