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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 Lebron XII 12 200 CLEVE WITNESS orange NEW JORdan 684593 830 Cavs sz 14 xi, 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 180 White Bright Ceramic (615287 101),.

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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.Mens Nike Shox NZ EU Sneakers New, White Black 501524-106 NEW IN BOX,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Air Trainer 1.3 Max Breathe MP “Manny Pacquiao” Size 10.5,.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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Supreme Nike Air Streak Spectrum Size 10,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.NIKE AIR FORCE ONE AF1 LOW CMFT PREMIUM PRM QS TROPHY PACK SZ. 12 573974-100,.

AIR JORDAN 1 RE HI FLYKNIT BHM AA2426-026 Black Lucid Green University Red Men,.  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 Jordan 11 72 -10,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike PG 2.5 Playstation size 11.5,.

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

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Item specifics

Condition:
New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Style: Athletic Sneakers
Brand:

Nike

Material: Synthetic
Product Line: Nike Air Color:

Black/Metallic Silver-Black

Upper Material: Synthetic

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  3. Nike Lebron 9 Swingman Size 11 2011,–  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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