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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 Max 95 LX Pony Hair Women's shoes NEW Sz 8.5, 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 WOMENS ROSHE ONE Black-Grey-White running training rosherun sneakers new,.

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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 Roshe One HYP BR Womens 833826-301 Green Glow Yellow Running shoes Size 8.5,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Womens Air Max 97 UL '17 SI Size 8 Particle pink Neutral Indigo AO2326-600,.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 Womens Nike Roshe One Same As 844994-001 511882-096 Black Size 10,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike Air Vapormax Flyknit Moc 2 Women12-Men’s 10.5 AJ6599 001 Gridiron,.

Nike Air Max 90 Sneakers Leather 768887-201 Grey Bronze pink Women’s Size 8,.  IPOs are media darlings, and help create buzz about sectors.  In LS, we aren’t likely to have that type of buzz anytime soon.

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

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  3. WOMENS NIKE SOCK DART SE in colors BLACK BLACK VOLT SIZE 6,–  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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