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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 Air Zoom Pegasus 35 Premium Size 8 Running Workout shoes AH8392 800, 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 Air Vapormax Flyknit Moc 2 Size 7.5 'Moon Particle AJ6599-202 NO BOX TOP,.

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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 Free RN Distance 2 Womens 863776-610 Multicolor Knit Running shoes Size 6,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike WMNS Classic Cortez Premium ALC AH5206-001 Oil Grey Leather Women's 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 AIR MAX 90 PRM PREMIUM LIGHT BONE SZ 12 MENS SZ 10.5 [896497-001],..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.[Nike] AH1016-500 Odyssey React 2 Flyknit Women Running shoes Sneakers Purple,.

Nike Air More Uptempo 917593-001 Dark Stucco White Women's shoes Sz 11,.  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 Women's City Loop Women's Sneakers Size 8 Desert Sand Style AA1097 201,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNIKE WOMEN AIR FORCE 1 AR5339-201 SNEAKERS,.

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

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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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