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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 Nike Air Max 97 BW Black Black-Metallic Hematite (AO2406 001), 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.NIKE AIR JORDAN XVIII 9 us 18 AA2494 701 RETRO CAMPFIRE YELLOW,.

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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 AIR MAX 97 PLUS MICA GREEN BARELY pink AH8144 300 US MENS SZ 4 = WMNS 5.5,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Air Max 93 Citrus 306551 100,.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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FEAR OF GOD X NIKE AIR SKYLON II BLACK 3M (BQ2752-001) In Hand SNS FOG 10.5,.  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.Nike Foamposite One gold Sz 10.5,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNIKE SHOX AVENUE 833584-102 White Grey Dark Green Mens Sz 9,.

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

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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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