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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 90 PINNACLE Size 9 839612 500 Venice Pink, 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 SE 918413-003 Women shoes Size 7.5 BRAND NEW WITH BOX 170.00,.

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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 Max Sequent 3 Womens 908993-601 Artic Punch Knit Running shoes Size 8.5,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Womens NIKE FREE RN bluee Moon Textile Running Trainers 831509 406,.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 Women's NWM Free 5.0 Size 8 Nike Women's Half Marathon,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike WMNS Classic Cortez PREM Maria Sharapova LA Premium Pink Beige AR5696-202,.

NEW Sz 10.5 Women’s Nike Vandal Hi LX Casual shoes Black Summit White AQ1269-001,.  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 Future Speed GS Black White Volt Kid Youth Women Running shoes AH3431-001,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Women Air Max Motion Racer 2 Sneakers US Size 7 - Guava Ice (AA2182 800),.

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
Shoe Size: All Sizes
Brand:

NIKE

Sole: Hardsole
Main Colour: Blue Width: Standard
Lining: Textile Features: N/A
Style: Sports Pattern: Solid
Product Line: 847569 410

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  2. Nike Wmns Free Trainer Flyknit 3 Women Training Igloo shoes Sneakers 942887-301, – Nike Womens Free RN Motion Flyknit Running Trainers 834585 Sneakers shoes 502,Nike Womens Wmns Air Force 1 07 SE Black Gum Med Brown Suede AF1 AA0287-002,
  3. Nike Lunarglide 8 Shield Women's Running Bright Mango Metallic silver 849569-800,–  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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  5. Nike Air Max Goadome Anthracite Women’s 11 Boots shoes Sneaker Black 916807-001, – Womens Nike Air Max 97 UL '17 PRM Size 5.5 (AO2325 002) No Box,Nike Jordan Flight Luxe GG GS Pure Platinum Silver Kids Women shoes 919707-010,

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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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