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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 WMNS NIKE AIR MAX 2011 N7 2009 2013 WHITE-TURQUOISE-PINK SZ 8 [845397-146], 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 Nike Air Max 270 Flyknit shoes Clear Emerald Black White AH6803-300 Size 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 Zoom Mariah Flyknit Racer Burgundy Ash AA0521-600 Womens SZ 7.5,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.NIKE WMNS DUNK LOW SKINNY MESH BLACK-PINK FORCE SZ 10 [579767-001],.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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Women's NIKE 'Air Max 97' Purple Synthetic Running Sneakers Size US 8,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.New Nike Air Huarache Run Premium pink Pink Women Size 6 Running shoes 83818-602,.

NIKE WOMENS CITY LOOP AA1097-001 BLACK WHITE s. 8.5,.  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 WMNS Air Max 2017 Size 7.5 US White Women’s Running shoes,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Special Forces Air Force 1 Mid Women's shoes Light orange aa3966-800,.

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
Style: Running
Type: Sneakers Brand:

Nike

Product Line: Gel Lyte V Material: Suede
Color:

Birch/Birch

Country/Region of Manufacture: Vietnam

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  3. NEW Nike Air Zoom Hyperace Women’s Volleyball shoes Size 5.5 - NWOB,–  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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