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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 Nike Kobe XI 11 Low Elite shoes Barcelona Bright Mango, 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 Tiempo VETTA FC Nikelab Black New UK_6 US_7 Eur_40,.

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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 AIR FORCE 1 MID CMFT SP WHITE-WHITE-TEAM orange SZ 13 [718153-118],.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Air Jordan 8 Retro C&C Confetti 832821-004 Size 11.5,.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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NEW Nike Air MAX FOOTSCAPE MOTION CLIMBERS PACK GREY blueE 397817 003 SZ 10 SB,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.NIKE MENS KYRIE FLYTRAP BLACK RED WHITE BASKETBALL SHOES 2019 FREE POST AUST,.

Nike Air Force 1 07 whiteo de Hombre Plateado Cuero Zapatillas Gb 6-12,.  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 Kobe 1 Predro All-Star 8EUR AQ2728-102 MENS TRAINERS 100% AUTHENTIC,.  However, it has been shown by others that the recent web high flyers are mostly concentratedVTG 1992 Nike Air Jordan 7 vii OG Raptor Vintage Size 10,.

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
Product Line: Nike Air, Nike Air Max
Shoe Height: Low Top Brand:

Nike

US Shoe Size (Men's): 10 Model:

Air Max 97

Style: Running Modified Item: No
Width: Medium (D, M) Upper Material: Synthetic
Color:

Black Orange

UPC:

Does not apply

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  3. Sean wotherspoon air max 1 97,–  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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