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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 Air Zoom All Out Flyknit WOMEN'S Running Trainer shoes 845361 401 US 7, 7.5, 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 Free RN 2018 shoes AH5208 800 Sea Coral Tropical Pink Size 8,.

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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 BLAZER MID LEVEL SHEOS BQ4022-801,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.NIKE Womens Nike Free Rn Running 2017 880840-002 WOLF GREY Size 7.5,.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 LODEN PINNACLE Black Trainers 926586 001,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.NIKE WMN SIZE 9 AIR HUARACHE RUN 634835 027 DARK STUCCO GREEN PALE GREYGUM SOLE,.

Nike Air Force 1 07 White White Cone Women Sneakers shoes AT5019-100 SZ 7,.  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.Women's Nike Free 5.0 Tr Fit 4 Wash Royal bluee Metallic Silver Grey 653988-400,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Air Max Thea Women's Size 5.5 NikeLab Pinnacle Insignia bluee 839611-400,.

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

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  3. Nike Women's Flex Trainer 7 Cross Training shoes,

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
Brand:

Nike

Color:

Brown

Style: Running, Cross Training
Country/Region of Manufacture: Vietnam Material: Synthetic
Product Line: Roshe Heel Height: Low (3/4 in. to 1 1/2 in.)
Fastening: Lace Up

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  3. NEW Sz 6.5 Women’s Nike Air Huarache City Bleached Aqua Black AH6787-400 140,–  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. SZ10.5 WMNS Nike Air Huarache City Low AH6804 300 CargoKhaki White, – Wmns Nike Air Huarache City Low Navy Green Women Casual shoes Sneaker AH6804-401,
  5. Womens NIKE AIR ZOOM FITNESS Training Trainers 904645 601, – Nike Wmns Air Force 1 07 Essential Crimson Tint Reflect Womens shoes AO2132-800,Women's Nike Air VaporMax Size 8,

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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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