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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 VNDS Air Force 180 Volt 12 Nike, 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 Zoom All Out Low shoes Running bluee Turbo Green 878670-404 SZ 5-9,.

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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 JORDAN 13 RETRO LOW 310810-022 'BLACK CHUTNEY' sz 13,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Air Huarache - CHOOSE SIZE - 318429-410 Navy gold White Euro Release Gum QS,.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 Kobe X Hot Lava Sunset Glow Easter shoes 705317-808 Mens 9,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike Air Python Premium Size 10.5 New Rare Authentic Basketball Premium Sneaker,.

1903 Nike PG 3 EP Men's Basketball shoes AO2608-002,.  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.SUPREME x NIKE GATO SB Black Size DS 8.5 US FW18 100% authentic Sneaker,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike ZOOM SD Professional Model Shot Put And Discus Very Rare ,.

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: Basketball Shoes
Color:

Burgundy

UPC:

Does not apply

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  3. 2009 Nike Air Foamposite ONE COPPER,–  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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