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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 Flyknit Racer Mens 526628-404 Neo Turquoise Crimson Running shoes Size 11.5, 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 Uptempo 97 Retro Basketball shoes Mens Size 11 Preowned 180,.

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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 NIKELAB Air Max 90 Flyknit Ocean Fog, bluee 876320 400 Men's Size 9.5,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Bx33418 Nike sneakers blue men bluee man's sneakers,.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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NIB NIKE AIR MAX 2017 MEN'S RUNNING SHOE 849559 603 Team Red Sizes Authentic,.  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 DS Nike Air Jordan XI Retro Low University bluee 2017 Columbia 528895-106,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNIKE AIR ZOOM STRUCTURE 21 MENS SHOE US7-11 904695-402 10',.

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): 9.5 Style: Running, Cross Training
Color:

White

UPC:

Does not apply

NIKE MEN AIR MAX 97 PURE PLATINUM-UNIVERSITY RED SZ 9.5 [921826-009], We think that there are a few reasons:

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  2. Nike NikeLab x DSM AM1 Ventile Size 8.5 Eu [AH8051-400], – Air Yeezy 2 Red October US8.5 UK7.5 EU42,Nike Air Jordan 1 Mid SE Patent Leather gold Black Size 9 W Receipt 852542–007,
  3. Nike Air Force 1 Utility Low Premium WIP Carhartt Camo, Men’s AV4112-300,–  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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