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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 Women's Nike Shox Turbo+ IV 4 White Navy Silver Light bluee Running 2006 sz 6.5, 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 Womens Wmns Air Max 97 PRM Pink Scales Plum Chalk White Sneakers 917646-500,.

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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 Free Rn Running Cmtr 2017 E 922911-100 WHITE Size 9.5,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Air Zoom Mariah FK Racer PRM String Solar Red Women SZ 5 - 12,.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 LD Runner Womens 882267-100 White bluee Lava Glow Running shoes Size 5.5,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike Kyrie 5 V GS Irving University Red Black Basketball shoes AQ2456-600,.

2018 WMNS Nike Air Jordan 3 Retro SE SZ 10 Bordeaux Purple Sail AH7859-600,.  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.New Women's Nike Air Max 97 Ultra ‘17 LX Dusty Peach Velvet Size 8.5 AH6805 200,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Women's Air Max 2016 Print - Hyper orange Black Sail (818101-800),.

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

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Item specifics

Condition: New without box :
A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or may be missing original packaging materials (such as the original box or bag). The original tags may not be attached. For example, new shoes (with absolutely no signs of wear) that are no longer in their original box fall into this category. See all condition definitions- opens in a new window or tab
Seller Notes: Brand new without box. 100% authentic
Shade: Green-Orange-Pink-Blue US Shoe Size (Women's): US 6
Modified Item: No Color:

Yellow

Style: Running, Cross Training Brand:

Nike

UPC:

Does not apply

New 2018 NIKE AIR MAX 270 PREMIUM WOMEN'S SHOES WHITE PINK AT6819-100 Size 10, We think that there are a few reasons:

  1. Jordan Serena Williams Air Force 1 Red Black 878458 023 Us Sizes 6 8, – Nike Womens Presto Fly Se Womens Running Trainers 910570 Sneakers shoes 101,
  2. Nike Free Tr Focus Fk Oc Fitness Women's shoes Size, – Nike Women's Air Vapormax Flyknit Running shoes Midnight Fog Black 849557-009,NIKE AIR HUARACHE PREMIUM ID BLACK WHITE-COOL GREY SIZE WOMEN'S 8.5 [777331-903],
  3. Nike W Flex Supreme TR 4 Womens Cross Training shoes (Wide) Women Sz 10 Men Sz 8,–  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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