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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 Women's Metcon 2 AMP bluee Glow Cross Training shoes Size 8 843972-400, 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 AIR HUARACHE RUN PREMIUM LINEN SAIL TAN KHAKI SNAKE 683818 201 SZ 5,.

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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 Vomero 14 shoes AH7858 010 Black Thndr Grey White Size 8.5,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.New Nike Womens Sock Dart prm premium shoes 881186-601 Sz 6. Silt red (pink),.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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Women's Brand New Nike Roshe Two Athletic Fashion Everyday Sneakers [844931 007],..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike LunarEpic Flyknit Shield Size 7 Womens Trainer Running 200 Green Glow,.

NIKE WOMEN TIEMPO LIGERA IV FG ID LEATHER BLACK-RED SZ 8 [AO 3585-991],.  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 Zoom Cage 2 705260-802 Womens Tennis shoes orange White & Black,.  However, it has been shown by others that the recent web high flyers are mostly concentrated 10 WOMEN'S Nike Air Max 97 UL '17 Prm Splatter AO2325-002 Black Grey sneakers,.

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

US Shoe Size (Women's): 9 Product Line: Nike Air
Style: Running Shoes Model:

Nike Air Max 97

Color:

Multi-Color

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  2. Nike Air Force 1 AF1 UPSTEM SL PARTICLE pink Womens Classic 917591 600 Size 7.5, – NIKE Women's Air Max 90 Ultra SE SIZE 8.5,Nike Epic React Flyknit Women’s Running shoes Olive Green AQ0070-300 Size 9.5,
  3. NIKE Women's Air Zoom Strong, Black Metallic Red Bronze SIZE 8.5,–  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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