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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 WMNS Nike Air Max 97 UL '17 shoes Metallic gold Bronze SZ ( 917704-901 ), 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.NEW NIKE AIR MAX AXIS CASUAL WOMENS SHOES SNEAKERS WHITE PINK orange 5 to 11,.

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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 Air Force 1 '07 Special Edition Premium Women's shoes Size 7.5 AH6827 600,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Air Presto Womens 878068-001 Black White Mesh Running shoes Wmns Size 6,.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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NEW RARE NIKE VAPORMAX LIGHT II WHITE BLACK TUXEDO SHOES, WOMENS SIZE 8.5,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Women's Nike Air Foamposite One Dark Stucco shoes -Size 8.5 -AA3963 001 New ,.

Nike W Air Max Zero SE Running Womens shoes SIZE 9.5 896199-600,.  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 Max 95 Women’s shoes Desert Sand Metallic gold AV8428-001,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNIB Nike Womens shoes Size 9.5 Air Force Low Neon Pastel color Block Black Logo,.

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

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Item specifics

Condition:
New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Style: Running, Cross Training
Brand:

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  3. Nike Womens Lunarstelos Running Trainers 844736 603 Sneakers shoes,–  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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