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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 2003 Nike Air Max 90 White Md Grey Lt Graphite Anthracite Sz 13 (4862)305209-103, 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 XI 11 Elite Low AS ASG All Star Green Glow Black 822521-305 SZ 12 PADS,.

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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 Hyperdunk X Mid White Team orange Men's 3866113,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.NIKE AIR MAX JORDAN DELUXE ALL BLACK 40.5-47 NEW flight dunk force 1 one,.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 VaporMax FK Utility Flyknit Ridgerock Peat Moss AH6834-200 Size 10 US,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike Air Vapormax Flyknit 2 Red Orbit Obsidian Men's Sz 10.5 (AR5406 600),.

Men's Nike Air Max 97 Plus shoes Black Engine 1 orange Rise Size 10 AH8144 002,.  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 LEBRON VI (6) CHALK VNDS SZ 12 346526-441,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Air Max 90 Ice Pack Mens Running shoes Volt Mica Green Black 631748 700,.

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 Air Max 95 Essential shoes Men's Casual Sneakers White Grey 749766-105,–  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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