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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 98 AOP ALL OVER PRINT FRACTAL WHITE- BLACK AQ4130-100 Sz 8, 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 Premium qs Wool bluee Navy Brown 312834 400 off white 90 MEN 8.5,.

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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 Kobe X Mid Exit Men’s Basketball Sneakers 802366-700,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.NikeLab x RICCARDO TISCI Dunk Lux Sz 9 100% Authentic Nike RT (841647 010),.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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Air Max 98 Wolf Grey,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Men 11Us Zoom Dunk Low Elite Qs,.

Nike Air X Fear Of God 1 - Light Bone Mens Size 8 (Read Description),.  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 Sock Dart SE - 833124 001,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNIKE HYPERCHASE SP FRAGMENT 789486-014 wolf Size 9.5,.

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

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  3. 2008 Nike Dunk Low Premium SZ 11 Black Horsehair Royal bluee Pro SB 318764-011,–  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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