NIKE WMNS ACG ACG ACG LUPINEK FLYKNIT SNEAKERBOOT KHAKI 862512 200 US WMNS SZ 8 605215Posted 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 Salehizadeh, who co-authored an article in the July 2011 issue of Nature Biotechnology, detailing the differences in returns between Life Sciences and Tech investing.
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Left behind by this good news is the Nike Studio Wrap Pack 2 PRT Women Footwear System purple Purple 646696 500, 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 1 Ultra 2.0 Womens 881104-004 Pale Grey White Running shoes Sz 9.5,.
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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 WOMEN AIR FORCE 1 07 SE AA0287-201,. Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike SF Special Field Air Force 1 Boots Grey Light Bone Gum Strap Womens Size 8,.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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NEW Sz 10.5 WOMEN Nike Metcon 3 AMP Legion Green Melon Training Cross 849808-300,.. And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.WMNS NIKE SOCK DART SE DARK LODEN- gold LEAF SZ 7 [862412-300],.
Nike Air Max 97 SE Womens AQ4137-001 Metallic gold Grey Running shoes Size 7,. 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.WMNS NIKE CORTEZ PREMIUM ID BROWN-WHITE SZ 10 [AQ4694-992],. However, it has been shown by others that the recent web high flyers are mostly concentratedNike Womens Flex 2016 RN Running Trainers 830751 Sneakers shoes 010,.
Some of you who follow venture returns data may be asking some questions:
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- WMNS NIKE AIR MAX 1 ULTRA 2.0 BLACK-HEMATITE-BLACK SZ 6 [881104-002],– 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.