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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 2003 Nike Air Max 90 White Md Grey Lt Graphite Anthracite Sz 13 (4862)305209-103, 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 Huarache Run JDI (Black-Total orange) Men's shoes AT5017-001 sz 13,.

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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 Men's Air Flightposite Dark Neon Royal AO9378-500 Size 8.5,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Killshot Vulc Size 11 Sail Team Red Gum Yellow AQ4133 100 Brand New NIB,.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 Jordan Retro 10 X Class of 2006 Russell Westbrook 310805-160 B-GRADE SZ 12,.  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 ZOOM GENERATION SZ. 9.5 308214-011,.  However, it has been shown by others that the recent web high flyers are mostly concentratedMen's Nike Air Max 1 Ultra 2.0 Premium BR 'Vachetta Tan' AO2449 200 size 9.5,.

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
Brand:

Nike

Color:

Black

Style: Weightlifting
Euro Size: EUR 46 US Shoe Size (Men's): 12
Idset_Mpn: 852933-2 Width: Medium (D, M)
UPC:

886066883135

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  3. Nike KD VIII Kevin Durant Elite Warriors Men’s Basketball shoes 834185-071 SZ 12,–  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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