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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 NIKE Women's Air Zoom Pegasus 35 Premium Size 8 Running Workout shoes AH8392 800, 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.Womens NIKE AIR ZOOM STRUCTURE 20 Industrial bluee Running Trainers 849577 402,.

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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 Max Thea Special Edition Metallic Silver 861674 001 Women’s Size 8,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Air Max Thea Premium Womens shoes Black Dusty Cactus,.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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WMNS NIKE AIR MAX 270 WHITE MIDINIGHT NAVY LASER FUCHSIA AH6789-106 WOMENS,.  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 Wmns Air Max 270 Flyknit Black Yellow orange Womens Running shoes AH6803-003,.  However, it has been shown by others that the recent web high flyers are mostly concentratedWomens Nike Air Max 95 SE PRM AH8697-002 Pure Platinum NEW Size 7,.

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
US Shoe Size (Women's): 6.5
Style: Running Product Line: Air Huarache
Color:

Blue

Brand:

Nike

UPC:

Does not apply

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  3. Nike Air Max Thea Women's shoes Size 8.5 ,–  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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