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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 Jordan Spike Lee, red and white and black, size 10.5, worn once, 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.NEW MEN'S NIKE KOBE AD NXT 360 LAKERS BASKETBALL SHOES AQ1087-700 SIZE 10.5,.

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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 ID Zoom KD V USA US13.5 UK12.5 Worn,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Air Jordan VIII Retro White Infrared 23 - Bright Concord (Size US 10),.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 Air DT Max '96 Men's Black Varsity Maize Black 16408003,.  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 LeBron XI Christmas Men’s Size 8.5,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Air Force 1 Essential Low - TRIPLE Black - Men's 7-11,.

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

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Item specifics

Condition:
Pre-owned: An item that has been used or worn previously. See the seller’s listing for full details and ... Read moreabout the condition
Style: Athletic Sneakers
Brand:

Nike

Product Line: Air Jordan 8
US Shoe Size (Men's): 11 UPC:

Does not apply

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  3. Nike Air React Element 55 BQ6166 001 Black Wolf Grey Volt Green Men Size US 8.5,–  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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