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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 Tanjun Racer Womens 921668-601 Tropical Pink Black Running shoes Size 8, 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.SZ.5 Nike Wmns Classic Cortez Prem AR5696 202 Maria Sharapova ParticleBeige,.

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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 Women's Roshe Run One Sz 10 Flyknit Hot Lava Sunset Glow Pink 794927-800,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Zoom Winflo 5 Womens AA7414-602 pink Pink Teal Mesh Running shoes Size 9.5,.g.,. top 1% of Tech deals almost certainly have higher multiples than LS).


But, as one would expect, not all of the news for Life Sciences is rosy:

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Womens nike (924595-100) Metcon DSX Flyknit 2 shoes (26J),..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike WMNS Flex Experience RN 8 [AJ5908-013] Women Running shoes Black White,.

Nike womens air max THEA PRM running trainers 616723 601 sneakers shoes,.  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 ROSHE RUN ID PENDLETON SIZE 9.5 WMNS 728453-991,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Lunar Force 1 Waterproof Duckboot Women's Boots, AA0283 200 Size 8.5 NWB,.

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

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Item specifics

New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
colorname: Mica Blue/White Racer Pink
Material: Flywire Activity: Running
Width: Narrow (AA, N) Style: Low Top

mica Blue / pink / white

US Shoe Size (Women's): 10


Product Line: Zoom


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  2. Nike Zoom Fit Agility Women's Athletic shoes Size 8.5 M New With Box, – NIKE AIR MAX 1 LX JUST DO IT 917691-800 TOTAL orange WHITE BLACK JDI,Nike Air Max 1 LX Just Do It Womens 917691-800 orange Running shoes Size 6.5,
  3. Nike Women's Air Max Tavas Running shoes Size 7.5 NIB,–  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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