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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 Air Zoom All Out Flyknit WOMEN'S Running Trainer shoes 845361 401 US 7, 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 Free RN 2018 Wild Velvet Womens AQ0563-020 Grey Mink Brown shoes Size 12,.

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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 Huarache Run Premium Khaki Metallic Field-Sumit White (WS) (AA0523 201),.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.NIKE Womens Nike Air Zoom Accurate 909734-001 BLACK Size 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 Air Tech Challenge 2 SE “gold Dart” US WMNS 8,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike Air Max Zero Womens 857661-601 Sunset Tint Running Training shoes Size 12,.

Nike Air Max Sequent 2 Womens 852465-010 Black Hematite Running shoes Size 9,.  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 MERCURIAL SUPERFLY V FG ID ACC SOCCER GREY BLACK SZ WOMEN 7.5 [872796-997],.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Air Max 90 HYP WC QS Wmn Sz 9.5 WORLD CUP VAPOR GREEN 811165-001,.

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
Width: Medium (D, M) US Shoe Size (Women's): 6
Color:

Neutral Olive

Product Line: Nike Roshe
Brand:

Nike

Material: FlyKnit
UPC:

Does not apply

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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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