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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 90 ULTRA 2.0 FK MRLC Black Trainers 881563 001, 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 1 Ultra Moire Women’s Size 7.5 Olive shoes 704995-303,.

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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 WMNS Metcon DSX Flyknit Bionic 904659-001 Black Grey Tint Chrome shoes Sz 15,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Women's Size 8 Free Tr Flyknit 3 Training shoes Burgundy Brown,.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 Air Max 1 Ultra Essentials Mint Trainer,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.New Nike Air Huarache Run Mid Black Hot Punch Women’s Size 8 shoes 807313-003,.

Nike Air Max 1 90 Ultra LOTC 'Paris' Women’s Size 9 Running shoes 747105-300,.  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 2017 Women Running shoes Bright Grape Fire Pink 849560-502 Size 5.5,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNIKE WOMEN BLAZER MID LEVEL SHEOS BQ4022-600 BUGUNDY,.

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

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  3. Womens Nike Air Zoom Pegasus 35 Running shoes White Black Team orange BV6123 100,–  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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