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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 Women's Nike Shox Turbo+ IV 4 White Navy Silver Light bluee Running 2006 sz 6.5, 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.NWB Swarovski Studded Nike Free 5.0 TR Fit Black Running shoes 703674-004,.

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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 WOMEN'S AIR MAX 1 SE SHOES black white 881101 005 MSRP 120,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike WOMENS Air Max 97 UL '17 Vast Grey bluee Pink Women Running 917704-006 SZ 10,.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 Air Max 1 Premium SC Jewel Wolf Grey AA0512-002 Women's Size 10 Mens 8,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.ROSHE TWO SE WOMAN SIZE 6.0 MICA blueE NEW RARE STYLISH COMFORTABLE,.

Nike womens flyknit zoom fit agility running trainers 698616 601 sneakers shoes,.  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 All our size 7 women,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Air Rift LIB Liberty QS Womens Size Run shoes White Volt Tan 848476 101,.

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

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  3. NIKE W SF AF1 women's High Top fashion sneakers Muted Bronze 857872-203,–  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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