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Posted July 11th, 2011 in Exits IPOs M&As, VC-backed Biotech Returns
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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 WMNS NIKE AIR MAX 2011 N7 2009 2013 WHITE-TURQUOISE-PINK SZ 8 [845397-146], 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 Classic Cortez Leather Womens Style 807471 BLACK WHITE-WHITE Size 5.5,.

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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 COURT FORCE LOW SNEAKERS WOMEN SHOES 15112-051 SIZE 9.5 NEW,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.WMN'S NIKE AIR MAX 2016 ID MULTI COLOR RUNNING SHOE 839369 991 SZ 6.5,.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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Women's Brand New Air Force 1 MID '07 Athletic Fashion Era Sneakers [366731 100],..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.(861674-901)NIKE AIR MAX THEA SE METALLIC DARK SEA METALLIC DARK SEA WMN SZ 7,.

New Seller Price Nike Air Max 95 US 9.5 Unisex Sail Guava Ice,.  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 Dunk Sky Hi Wedge Heel Essential Suede Burgundy 644877-603 Size 10 US Women,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Lunartempo 2 Size 7.0 Woman Chalk bluee RunningComfort Stylish New,.

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
Product Line: Nike Air
Brand:

Nike

Color:

plum

US Shoe Size (Women's): 9

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  3. Nike Air Force 1 '07 Premium Womens 616725-112 Oatmeal Khaki Gum shoes Size 6.5,–  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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