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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 KD 9 ix University Red Men size 10.0 University Red Basketball Legitimate New, 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 Max 97 Mid RT Ricardo Tisci Givenchy Black gold Sz 12,.

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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.New NIKE LUNARCHARGE ESSENTIAL Size 10.5 TRIPLE BLACK 923619-001,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Air Max 90 Essential bluee White Red Running shoes Trainers 6 7 8 9 10 11 12,.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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Wmns AJ 14 Retro Low, White, Cerise, Classic Green, Wmns Sz10.5=Mns 9, NIB, E2,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.NIB Sample Nike Air Max 1 Men's US size 9.0AH8145-600,.

NIKE MENS RUN SWIFT BLACK HEMATITE GREY ANTHRACITE SHOES 2018 BEST SELLER,.  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.New Nike Air Max Plus 97 LT Orewood Brown Black-Emerald AH8143-100 Men's Sz 14,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNIKE AIR MAX PLUS TNS SIZE,.

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

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  1. New Nike Flyknit Racer Game Royal Black Pink Flash Purple Running Men's 13 Air, – Brand new Nike Air Structure Triax 91 318088-132 Size 12 Running Sneaker,
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  3. Nike Air Foamposite One Electrolime Size 10.5,–  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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