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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 New Nike Women Air Max Kantara Sneaker shoes, 402 ASHSLT FTBLGY, Women 6.5, 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 Air Max 97 Leather Women's Running shoes Summit-White Black [AQ8760-100],.

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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 Dunk Sky Hi Women's White Purple Leather Hidden Wedge Sneakers shoes Size 7,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.NEW Nike Women’s AF1 Upstep LX Force Is Female 898421-602 Sz 9 NEW,.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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WMNS NIKE ROSHE TWO HI FLYKNIT DEEP BURGUNDY SZ 8 [861708-600],..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.WMNS NIKE ROMALEOS 3 SOLAR RED DARK GREY-STEALTH 878557 600,.

Nike WMNS Flex 2018 RN [AA7408-006] Women Running shoes Anthracite Pink,.  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 W Air Max 97 LX [AR7621-001] Women Casual shoes Black White,.  However, it has been shown by others that the recent web high flyers are mostly concentratedWmns Nike Metcon DSX FK Flyknit Bionic Women Training shoes Sneakers Pick 1,.

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

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Item specifics

Condition: Pre-owned :
An item that has been used or worn previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Near mint condition. Shoes are youth size 5.5Y, which equates to women size 7.
Product Line: Nike Shox Style: Running Shoes
Brand:

Nike

Pattern: Solid
Accents: Metallic Color:

White

US Shoe Size (Women's): US 7

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  1. Nike Epic React Flyknit Women Running shoes Copper Flash New Sneakers AQ0070-800, – Nike Women's Vandal Hi Basketball shoes Yellow,
  2. Nike Golkana Purple Suede Fur Lined Boot Women Sz 10, – WMNS NIKE HYPERVENM PHNSH FG (744947 400) SZ 11.5 (28.5CM),New Nike Air Max Deluxe Women's Size 7 AQ1272-001 Black Midnight Navy shoes,
  3. Nike Women's Air Huarache Run SE Running shoes Metallic Silver Matte 859429-002,–  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.
  4. New Nike Rosherun Flyknit Running 704927 400 SZ 8 Athetic shoes bluee, – NIKE AIR MAX TAVAS 38 38.5 NEW classic ultra bw command thea zero one 1 90,
  5. Womens Nike Zoom Vapor 9.5 Tour Size 11 White Pink Green Multicolor 631475 107, – Nike WMNS Classic Cortez Nylon Prem US 9.5 Eur 41 Vintage Air Max Span Base OG 1,Nike Air Huarache Run Ultra 819151-015 Black White Light Bone shoes Size 7,

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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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