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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 Air More Uptempo 96 Trainers bluee, 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 Max 93 Hombre Beige Arena whiteo y black Zapatillas Deporte Run Gb 6-12,.

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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 Lunar Force 1 Duckboot - 805899 003,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Air Force 1 07 QS Black White Logo All Over Print AH8462-001 Mens Size 12,.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 Train Ultrafast Flyknit 843694-004 Running Running Leisure Running shoes,.  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 7 Retro Basketball shoes Barcelona Days 304775 016 Sz 9.5-10.5,.  However, it has been shown by others that the recent web high flyers are mostly concentratedWORN ONCE Nike Air Jordan 1 Hare 2009 Bugs Bunny Size 10.5 374454 011,.

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
Brand:

Nike

US Shoe Size (Men's): 9.5 Product Line: LeBron James
Style: Basketball Shoes Model:

Nike LeBron IX

Color:

Gold

UPC:

Does not apply

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  3. Nike Dunk Low cl Jordan 2 Size 12 304714-117,–  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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