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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 Max LeBron IX 9 Low Easter Sz 15 VNDS Basketball Sportswear Traini, 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 Shox Gravity Luxe Men's Size 11.5 shoes Black Green Strike AR1470 003,.

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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 Max 95 PRM Sz.11 (538416 020),.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Sz 7.5 Air Max More Money “Nautical” AR5396-400 USA Pippen Uptempo Jordan,.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 Max 1 Vintage Trainers Peach Crimson Gum Size 8.5 EUR Rare 2013,.  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 Force 1 '07 1 Sail Black Sail Men's Limited Stock All Sizes 6 - 14,.  However, it has been shown by others that the recent web high flyers are mostly concentratedMax Lebron XI LOW sneaker size 12,.

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

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Item specifics

Condition:
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  3. Nike Men's AIR MAX DELUXE PHOTO blueE shoes AJ7831-401 c,–  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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