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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 Womens Air Huarache Run Se Low Top Lace Up Running Sneaker, 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 Women's Nike Air Max 97 Ultra 17 LX AH6805 200 Dusty Peach White Size 10,.

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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 Zoom Mariah FK Racer Running shoes. Brand New. Sizes 6.5 & 11.,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Women's Air Max Motion Lw Print Running shoes,.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 Women's Air Zoom Vomero 13 Running shoes Cool Grey Pure White 922909-003,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.NIKE VAPOR TOUR 9.5 TENNIS SHOES (631475-402) NEW WMN SZ 11,.

Womens NIKE AIR MAX ZERO Wolf Grey Trainers 857661 009,.  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 Air Max 97 OG QS Metallic gold Womens Size 9,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNIKE Womens Son Of Force Mid Trainers 616303 Sneakers shoes,.

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

Width: Medium (B, M) Style: CASUAL
Color:

White

US Shoe Size (Women's): 5
UPC:

00091209607756

AUTHENTIC ADIDAS CC SEDUCTION W V20750, We think that there are a few reasons:

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  3. Nike Womens Blazer Low LE Black White Basketball Sneakers Multisize AA3961-001,–  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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