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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 Air Max 1 Premium SC Jewel Swoosh Grey Metallic AA0512-002 Women Size 8, 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 WOMAN AIR MAX DELUXE SE GUAVA ICE [AT8692-800] US WMNS,.

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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 Metcon 3 Grey Pink Black shoes 849807-008 O30419 NEW FREE SHIPPING ,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Tanjun Premium Womens 917537-200 Mink Brown Red Running shoes Size 8.5,.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 Nike Air Max 90 Ultra Essential Running, Women's Size 6, White, 724981 102,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike Zoom Vomero 9 Womens Platinum Volt Barely White Running Sneakers size 11.5,.

Nike Air Force 1 '07 XX Womens AR0639-001 Black Grey gold Stars shoes Size 7.5,.  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 Force 1 '07 LX SE Leather Women’s White Trainers AA0287-102 Size 8.5,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Air Huarache Team Red Hyper Punch Size Limited Edition,.

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

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  2. NIKE DUNK SKY HI 528899-101 High Wedge Trainers SZ 7.5 ''RETRO RARE VINTAGE'',NIKE W Nike Rivah AH6774-004 BLACK BLACK-WHITE Womens Size 8,Nike LeBron XVI Size 6Y 7.5 Women' sKing James Red gold Leopard AQ2465-601,
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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
Modified Item: No
Model:

Nike Air Max 97

Style: ATHLETIC
Material: Leather Brand:

NIKE

US Shoe Size (Women's): US 9.5 Color:

White

UPC:

Does not apply

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  2. Nike Air Max 90 SE Floral Garden Team Red Maroon Multicolor 881105-600 Women’s 7, – Nike Lunarconverge Womens Running Trainers 885420 Sneaker shoes 004,Nike Air Max 2017 849560-402 - Concord White Persian purple - Women's Size 12,
  3. NIKE ROSHE RUN LOW TRAINERS CHRISTMAS WOMEN SHOES RED WHITH 685286-661 SZ 8 NEW,–  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 WOMENS AIR HUARACHE RUN PREMIUM LINEN SAIL TAN KHAKI 683818 201 SZ 5.5, – Nike Air Zoom Vomero 12 Black White 863766-001 Women's Running shoes Size 11,
  5. Nike Womens Wmns Air Max 1 JP Jelly Puff Swoosh Pink Running shoes AT5248-500, – Nike Womens Air Max 90 Ultra 2.0 SI Sneaker Running shoes bluee Pink New 5 11,NIKE W Nike Ashin Modern AJ8799-101 SUMMIT WHITE Size 9.5,

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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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