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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 M2k Tekno black de Hombre whiteo blue red Zapatillas Reino Unido Tamaño, 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 Kobe X 10 Silk Road Basketball shoes orange Mens SZ 9.5 705317-676 New,.

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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 JORDAN XXXI 31 SUPERNOVA CONCORD BRIGHT MANGO-BLACK MEN 14 [845037-400],.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Air VaporMax 2019 PRM Size 11 UK Brand New In Box,.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 SF Air Force 1 HI SZ 10.5 Black Volt AA1128-003,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike Lunar Flyknit Chukka Mens sz. 11.5 554969-085 Grand Purple orange Deadstock,.

Nike Ambassador XI [AO2920-001] Men Basketball shoes Lebron James Black orange,.  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 3 III Fire Red Cement Retro Youth Size 3.5Y GS Vintage,.  However, it has been shown by others that the recent web high flyers are mostly concentratedPRE-OWNED NIKE AIR TRAINER 2 LE mens sz 8 TECMO BO SNEAKERS,.

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

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  3. Nike Air Max Uptempo 97 AS QS size 8.5 All Star UNC. University bluee 922933-400,–  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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