Posted July 11th, 2011 in Exits IPOs M&As, VC-backed Biotech Returns

Note to Readers: This blog post was co-written by Bruce Booth and Bijan Salehizadehwho co-authored an article in the July 2011 issue of Nature Biotechnologydetailing the differences in returns between Life Sciences and Tech investing.

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Left behind by this good news is the NMD R1 Pk French Beige, which according to PWCMoneyTree / NVCA data accounted for nearly 30% of the $21 billion invested in venture-backed companies in 2010.

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As we outline in our paper in the July issue of Nature Biotechnology, LS venture investing dramatically outperformed Tech venture investing over the past decade.

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Overall Life Sciences/Healthcare venture realized gross pooled mean IRR was 15.0% for the past decade.  This is in contrast to 5.5% for all of venture capital, 3.0% for IT and 4.1% for Software.Adidas Dragon Ball Z ALL Size 8 8.5 9 Limited Full Collection, New DS,read Desc,.

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There’s a perception that lots of Life Sciences deals lose money.  It’s true.  58% returned less than their invested capital.Nike Freek - Black Red White,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.2006 Nike Dunk High Pro SB White Khaki 305050-121 Sz 9,.g.,. top 1% of Tech deals almost certainly have higher multiples than LS).

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But, as one would expect, not all of the news for Life Sciences is rosy:

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Adidas Men Nemeziz 17 + 360 Agility Fg Football Cleats CM7732 UK6.5-10.5 04',..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.MEN’S NIKE VANDAL HIGH SUPREME WHITE COOL GREY 318330 100 sz 11,.

ADIDAS ULTRABOOST LACELESS MEN'S RUNNING SHOE BB6135 UK6.5-11 12',.  IPOs are media darlings, and help create buzz about sectors.  In LS, we aren’t likely to have that type of buzz anytime soon.

Our data and analysis of course has some short-comings.ADIDAS YEEZY 500 “blueSH” SIZE 8.5 Confirmed Order,.  However, it has been shown by others that the recent web high flyers are mostly concentratedAdidas Yeezy Boost 350 V2 Butter Men's Size 10 DS NEW Kanye West 500 750,.

Some of you who follow venture returns data may be asking some questions:

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  1. Adidas Yeezy Boost 700 Mauve Size 12, – SALE NIKE AIR MAX 270 CAMO BLACK SUNSET TINT CARGO KHAKI AQ6239 001 NEW 2018,
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  3. Adidas Pharrell Williams Solar hu glide Size 7-12 Men shoes New EE8701 nmd human,–  Unlike IT where 100x returns are possible and have driven great outcomes in companies like Skype and Google, and will most likely in Zynga and Facebook, Life Sciences never will have these wild “Black Swan” outliers.. These 100x’ers are the companies that draw press attention, new talent, and more capital into the IT space.
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To get all of the numbers and the full commentary, please head over to the Nature website.

For simplicity’s sake, in this post, we use the term Life Sciences to cover all of Healthcare venture capital investing and the term IT/Tech to cover all Information technology, Internet/Software, and Hardware related categories.

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