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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 Hyperdunk TB 2013 bluee 599527-401 Basketball shoes Women's 13.5 NCAA new, 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 Women's City Knife 3 Flyknit shoes Size 6 Black Style 896284 001,.

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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 Womens Air Max Motion Lw Running Trainers 833662 Sneakers shoes 100,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Air Max 1 Premium SC shoes AA0512-001 Suede Black Silver Women's Size 7,.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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150 Nike Shox Gravity Women’s Size 9.5 Running shoes Black AQ8554-001 NEW ,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike Flex Contact Wmns Running shoes 908995 601 US SIZE 11,.

Nike womens Lunarepic Flyknit running trainers 818677 406 sneakers SAMPLE,.  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 Women's Free RN 2018 Running shoes Plum Pink Berry Pink White 942837-500,.  However, it has been shown by others that the recent web high flyers are mostly concentratedYellow Nike Classic Cortez W shoes 902854-700,.

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
Brand:

Nike

Style: Fashion Sneakers Width: Medium (B, M)
Product Line: Nike Air Max, Nike Epic React Modified Item: No
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Pure Platinum/Midnight Navy/Racer Pink/Laser Orang

EUR Shoe Size (Women's): Please contact us for sizes
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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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