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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 ZOOM ROOKIE - BLACK WHITE UNIVERSITY RED BQ3379-002,.

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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 KD VII 7 Elite Ignite bluee Graphite Basketball shoes Sz 8.5 Brand New,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.NIKE ZOOM KYRIE 3 SAMURAI QS CHRISTMAS (852395-900) BASKETBALL SHOES SIZE 13,.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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NikeLab ACG 07 KMTR Komyuter Obsidian bluee Black Khaki 902776 401 size 9 NEW,.  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 AIR HUARACHE RUN ULTRA SE blueE ANTHRACITE 875841 001 ,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Air Jordan 1 Moto AT3146-100 Men's Basketball shoes Trainers,.

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

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  3. Nike Mercurial Superfly V 5 DF FG Black White Red 831940-002 Mens Size 8.5,–  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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