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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 Mens NIKE AIR MAX PLUS QS Metallic gold Trainers 903827 700, 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.AIR JORDAN VI 6 RETRO USED SIZE 14 SPIZ IKE VARSITY RED GREEN WHITE 694091 625,.

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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 Lebron Soldier XII SFG Mens AO4054-800 Lava Grey Black Volt shoes Size 9.5,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Air More Uptempo Olympics Navy bluee White Red 96 Pippen 414962-401 Sz 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 MORE UPTEMPO SCOTTIE PIIPPEN -NO BOX LID- SZ US MNS 12.5,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.1806 Nike AIR JORDAN 1 MID Men's Basketball shoes 554724-104,.

Nike Blazer Low LX AV9371 001,.  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 shoes Air Diamond Turf II Black White Red Sneakers Size 13 Eur 47.5,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNIKE LEBRON 12 EXT RC QS RUBBER CITY DS,.

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
Brand:

Nike

US Shoe Size (Men's): 10.5 Product Line: Nike Air
Country/Region of Manufacture: Indonesia Model:

Nike Air Max 95

Pattern: Solid Upper Material: Synthetic
Width: Medium (D, M) Style: Running Shoes
Color:

White/Solar Red-Granite-Dust

UPC:

Does not apply

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  3. NIKE AIR MAX PLUS SE TN shoes 852630-407 Obsidian White Gym bluee Yellow sz 6,–  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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