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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' Men’s 11 Triple White Scottie Pippen 921948-100 New, 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 95 Sneakerboot WHEAT FLAX BROWN GUM 806809-201 Mens 9.5 WINTER BOOT,.

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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 Force 1 '07 All Star QS shoes -Vast Grey -Size 11 -AH6767 001 New ,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Air Max 90 TXT Mens AO2437-001 Desert Sand Textile Running shoes Size 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 Kyrie 5 Duke TV PE (Size 13),.  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.New Nike Air Jordan Melo Mens Basketball shoes Authentic 716227-008 Sz 13 (DD11),.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Air Jordan 11 XI Retro Legend bluee 378037-117 SZ 12 2014 White,.

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

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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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