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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 Free 4.0 V4 Women's shoes Size 11, 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 WMNS W AIR PRESTO LOTC QS 878069-001 Grey Silver (WOMEN'S 10) NO LID,.

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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 Tanjun 812655-201 SAND WHITE Womens Size 12,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.NIKE Womens Free 5.0 TR FIT 5 PRT Running Trainers 704695 Sneakers shoes (US 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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Womens NIKE FLEX SUPREME TR Platinum Running Trainers (537509 500) SZ 11.5,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike WMNS Metcon DSX Flyknit 849809-011 Black Volt bluee Women’s Training shoes,.

Nike Roshe One GS 599729011 black halfshoes,.  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 Women's Cortez Ultra BR,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNIKE Women's Air Huarache City Running shoes,.

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

  1. Nike Flex 2017 Rn Running Women's shoes Size, Nike Air Max 95 Anthracite Wolf & Lite Grey Wmns Running shoes 9 NEW 307960 012,  
  2. Nike Women’s WMNS Metcon 3 Trainers,Nike Air Zoom Pegasus 35 Women Running shoes Gridiron Black Sneakers 942855-008,Womens NIKE FREE RN CMTR bluee Running Trainers 831511 400,
  3. Nike Air Max Deluxe Black Midnight Navy Womens Size 9 Running AQ1272-001,

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  1. WOMEN'S NIKE AIR VAPORMAX FLYKNIT 2, PINK BLAST, RUNNING SHOES , Size 7, NEW, – Nike Air Vapormax Flyknit 620659 002 Size 8,
  2. Nike WMNS Internationalist Mid 683967-004 Black Grey White Mesh Women's shoes, – WOMEN'S NIKE AIR VAPORMAX PLUS PERSIAN purple BLACK MAX AO4550 500 sz 11,NIB NIKE CLASSIC CORTEZ SE Women's shoes 902856 014 Black Metallic gold AUTHENTIC,
  3. Nike Free 5.0 Running Women's shoes Size 5.5,–  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.
  4. Nike Blazer Low LE Women Lifestyle shoes AV9370-001, – NIKE Air Max 95 Zen Womens shoes,
  5. Nike Gravity Shox shoes Sneakers 8.5 bluee Yellow, – Nike Air Max Axis Trainers Ladies US 8.5 CM 25.5 REF 5606,Nike Wmns Air Zoom Pegasus 34 White bluee Purple Women Running shoes 880560-105,

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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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