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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 Free Rn Motion Running Women's shoes Size 7.5, 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 Roshe One Womens Style 844994 BLACK BLACK-DARK GREY Womens Size 9,.

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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.Womens NIKE METCON 3 Black Training Trainers 849807 001,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.NIKE WOMENS AIR HUARACHE RUN 634835 108 WHITE WHITE WOMEN US SZ 10.5,.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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NIKE Womens Vapormax Light 2 TUXEDO (ao4537-002) BLACK Size 10,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Women's Nike Air More Money LX SIZE 7 AJ1312-100 Los Angeles All Star LA,.

11.5 WOMEN'S Nike Air Huarache Run Triple White Running classic 634835 108,.  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 Huarache Run Ultra GS Black Barely pink White Kids Running 847568-010,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Max Lunar90 C3.0 Geranium Wht Anthr 2014 Women's Sz 11 NEW 631762-601 Air,.

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

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  2. Women's Nike Air Vandal LX SUMMIT WHITE TRIPLE ALL STRAP BLACK AH6826-100 sz 7,NEW Women's Nike Air Max Thea shoes Size 5 color Black,RARE Nike Jordan Team Strong Premier 317704-106 White Silver Womens Sz 8 MANDY,
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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
Model:

Nike Air Max 95

Width: Medium (D, M) Style: Running, Cross Training
UK Shoe Size (Women's): UK 3.5 Heel Height: Med (1 3/4 in. to 2 3/4 in.)
EUR Shoe Size (Women's): EUR 36.5 US Shoe Size (Women's): US 6
Color:

White

Product Line: Nike Air
Brand:

Nike

UPC:

888411546580

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  2. Nike Women Praktisk Sandal Slipper shoes Flip Green Beach Sandales AO2722-300, – Nike Women's Air Tech Challenge 2 SE Stadium Green Size 10 Brand New,NIKE Women's Flex Supreme TR 4 Cross Trainer Wolf Grey Black-pink Blast White,
  3. Nike LUNARCHARGE ESSENTIAL Women's shoes Black Volt Obsidian 923620 007 Size 6,–  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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