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Posted July 11th, 2011 in Exits IPOs M&As, VC-backed Biotech Returns
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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 Wmns Air Max 95 LX Lux Particle pink Pink Women Running AA1103-600 Sz 8, 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.NEW WMNS NIKE DUNK LOW RED WHITE blueE INDEPENDENCE DAY SZ 10 309324-144 July 4,.

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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.NEW Nike Women's Air Max Lace-Up Sneakers Size 8.5 COBBLE STONE,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Juvenate Womens 724979-503 Dark Raisin Pewter Wine Training shoes Size 6,.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 Roshe Ld-1000 Qs Running Women's shoes,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Women's Nike Air Max 97 shoes -Black Bright Grape -Size 8 -921733 008 New ,.

Women's Nike Free 5.0 shoes Sneakers 580591 580 Size 6,.  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 WOMENS AIR MAX 2016 PRINT CHALK blueE SAIL SIZE 8.5,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Women Zoom Vapor Tour Tennis shoes White Silver 631475-101 s 6,.

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
Stylenumber: 909014-001
Style: Athletic Color:

BLACK/WHITE-ANTHRACITE

Width: Medium (B, M) Brand:

Nike

US Shoe Size (Women's): 6.5 Gender: Womens
UPC:

Does not apply

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  3. Nike Air Zoom Pegasus 35 Premium AH8392-001 Grey Women's Running shoes Sz 6.5,–  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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