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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 Jordan 1 Retro High Flyknit Bred Black Varsity Red Size 11 919704 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.Men's Nike Kobe XI 11 Low Mambacurial Pink Basketball shoes Size 13.5 836183-635,.

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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 CORTEZ BASIC QS MISTER CARTOON LA BLACK WHITE GUM MNS SZ.7 (AA4875- 001),.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Lunar Magista II FK FC Mens 876385-400 College Navy Flyknit shoes Size 9.5,.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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Nike SB Zoom Dunk High Pro Obsidian Obsidian-White 854851-441 - Sz 12,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike SF Air Force 1 Dusty Peach Exclusive Mens Trainers Boots 864024-204,.

Air Max 1 Premium Atmos Dark Curry Sport bluee True White 908366-700 US Mens 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 Air Max 97 Ultra '17 (918356-001) anthracite size 14 jordan 1 95 97 xi og,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Men's Size 10 Metcon DSX Flyknit 2 Training shoes Olive Silver Stucco 924423,.

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

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Item specifics

Pre-owned: An item that has been used or worn previously. See the seller’s listing for full details and ... Read moreabout the condition
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  3. Nike Air Max 97 Ultra UL '17 Size 12 Mens Black White 918356-006 Running,–  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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