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Posted July 11th, 2011 in Exits IPOs M&As, VC-backed Biotech Returns
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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 NEW Nike Air Jordan 5 low ‘Royal bluee’ (KNICKS) - Size 8.5UK (43EU), 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 Nike Air Max Command 629993 036,.

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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.2004 NIKE DUNK LOW PRO SB ST. PATTY Supreme Brazil Flash hulk,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.{AJ4204-001} MEN'S NIKE LEBRON AIR ZOOM GENERATION QS BLACK WHITE SHIP NOW ,.g.,. top 1% of Tech deals almost certainly have higher multiples than LS).


But, as one would expect, not all of the news for Life Sciences is rosy:

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Nike Free RN Distance, 827115-400, Deep Royal bluee, Men's Running shoes, Size 12,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike 488298 119 AF1 Air Force One Galaxy Pack White bluee Basketball shoes Sz 12,.

NIKE Air Max Plus Gs Mens 718071-300 Size 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 Men's Shox Gravity, Black SIZE 9,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNIKE MENS AIR MAX AXIS PREMIUM BLACK WOLF GREY CASUAL SHOES 2018 BEST SELLER,.

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

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  3. Nike kobe IX em size 13 bluee white worn once,–  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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