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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 Nike Free 4.0 V4 Women's shoes Size 11, 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.8.5 Women's Nike Air Force 1 AF1 Upstep SI triple White 917591 100 casual,.

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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.FW15 NIKE AIR MAX SPAN SNEAKERS GYM SHOES 554666 106 GYM BOOT,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Air Zoom Structure 20 Black White Grey 849577-003 NEW Running 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 WOMENS AIRMAX 2017 MULTIPLE SIZES BLACK RED BRONZE 190 849560-008 AIR MAX,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.WMNS NIKE AIR HUARACHE ID BLACK-PINK SZ 6 [777331-994],.

Nike Air Force 1 Ultra Force Mid Joli 725075-001 Women's US 6.5 New in Box ,.  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 One '07 White Vibrant Yellow Wmns 10.5 Mens 9 co.jp og vtg low,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike WMNS Air Huarache Run 634835-103 White bluee Legend Hot Lava Women shoes Sz 5,.

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
Style: Fashion Sneakers
Brand:

Nike

Material: leather
Model:

M2K Tekno

Color:

BLACK/WHITE

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  3. NEW Nike Women’s Air Force 1 '07 Mid Suede Black Grey 807448 001,–  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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