This paper investigates the relationship between spatial and institutional distances in research collaboration networks using data on co-authorship in scientific publications in the Italian “red” biotech sector. Specific tools of social network analysis complemented by multivariate analysis are used to show that there is a trade-off between institutional and geographic distances whatever the nature of the knowledge exchanged, namely the degree to which knowledge is basic or applied. However, the levels of geographic and institutional distances substantially differ across basic and applied research networks. Measures of the intensity of relationships are also considered in the analysis.