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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 Womens Nike Air Max 1 LX Size 10.5 shoes Premium 917691 801 Guava Ice Lux, 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 Air Max 98 bluee Nebula Radiant Emerald (AH6799-106) Women's size 6.5 NEW,.

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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 Womens Nike Air Zoom Accurate 909734-002 PURE PLATINUM Size 9.5,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Roshe Two Flyknit V2 Pale Grey Women's Running Training shoes Size 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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Womens NIKE AIR MAX THEA PRM Mauve Purple Trainers 904500 200,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.NIKE W Nike Flex Trainer 8 924339-001 BLACK WHITE-ANTHRACITE Womens Size 7.5,.

Nike Wmns Air Force 1 07 LX Snow Leopard 898889-004 Black Size US 5 New,.  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 Out Flyknit Peach Cream & Black & White Women Sz 11 NEW 845361 800,.  However, it has been shown by others that the recent web high flyers are mostly concentratedWomens NIKE ZOOM ALL OUT LOW 2 WHITE Running Trainers AJ0036 100,.

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
Product Line: Nike Air Max, Nike Flyknit
Model:

Nike Flyknit Max

Brand:

Nike

US Shoe Size (Women's): US 8 UPC:

Does not apply

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  3. Nike Air Max 1 Cmft Prm Tape Running Women's shoes Size 10,–  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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