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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 WMNS AIR MAX 90 PINNACLE Size 9 839612 500 Venice Pink, 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 WOMENS SF AIR FORCE 1 MID SZ 7 SPECIAL FORCES ELEMENTAL gold AA3966 700,.

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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 Lunar Apparant Running Trainers 908998 Sneakers shoes 001,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Air Max 2017 849560-001 Women's Sizes US 5.5 Brand New in Box ,.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 Air Max Sasha Womens 916783-003 Black White Mesh Running shoes Size 10,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike Womens Lunartempo 2 Running Trainers 818098 401 Sneakers shoes,.

NIKE WOMENS AIR MAX ZERO CS CASUAL SHOES LIGHT REDWOOD AA3170-800 SIZE 8,.  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.Womens Nike SF1 SE PRM AJ0963-001 Black Black Brand New Size 11,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Wmns Air Max Zero SIZE 9.5 Cobblestone Cobblestone-Pure Platinum,.

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

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  2. Nike Air Force 1 '07 Premium Womens 616725-112 Oatmeal Khaki Gum shoes Size 6.5,Authentic Nike Air Huarache Run PRM Oatmeal Khaki Sail Gum 683818 102 Women sz,Nike Air Max 95 1 LUX Just Do It Womens Size 6.5,
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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
Activity: Cross-Training
Width: Medium (B, M) Modified Item: No
Features: Lace-Up Style: Running Shoes
Color:

White

Product Line: Nike Reax
Brand:

Nike

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  2. Womens Nike Air Zoom Vomero 12 Running shoes Sz 9 White Black Regularly 140, – New NIKE CLASSIC CORTEZ PREMIUM CASUAL WOMENS SHOES SNEAKERS PLATINUM 5 to 10,Womens Nike Zoom Fly “Ice bluee” Size 9.0,
  3. Nike Women's Air Zoom Structure 21 Shield Running shoes,–  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. Nike Women's Air Vapormax Flyknit 2 Gridiron Laser orange 942843 008 Size 9.5, – Woman's Nike AF1 Flyknit shoes 818018 301 Size 8 Retail 150 New In Box,
  5. Nike Women Air Zoom Pegasus 34 Running shoes White 880560-103 US5.5-8.5 04', – Nike Womens Air Force 1 AF1 Low DEEP GARNET SUEDE BURGUNDY GUM 749263-600 sz 9US,Nike Air Revolution Sky High Black Size 10.5 Hidden Wedge 599410-009 RARE WOMENS,

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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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