Is that how it works? My impression was that the basic research was done in universities (with public funding) until there are some good patents, then the pate

Is that how it works? My impression was that the basic research was done in universities (with public funding) until there are some good patents, then the patents are transferred to some kind of private company that take the profits. I don't know the procedures very well, so, I would be happy if somebody assure me that this is not the case.