As others have said, very common. A famous example is Lyrica, which made an enormous amount of money for Northwestern, probably around $1 billion dollars. It played a not-insignificant role in the university's rise in the last 10-20 years.
Universities love this and encourage it. Any big place will have an office of "technology transfer" or similar to help researchers make this happen.
Universities love this and encourage it. Any big place will have an office of "technology transfer" or similar to help researchers make this happen.