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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 1 LX Size 10.5 shoes Premium 917691 801 Guava Ice Lux, 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 Lunarepic Low Flyknit 2 Fabric Low Top Lace Up Running Sneaker,.

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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.Womens NIKE AIR MAX ZERO Dark Sky bluee Trainers 857661 402,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Wmns Lunarglide 8 VIII Purple Earth Women Running shoes Sneakers 843726-502,.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 Roshe Two Womens 844931-006 Black Lava Grey Textile Running shoes Size 8,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike Womens Air Zoom Pegasus 34 Wide Running shoes,.

WOMEN'S NIKE ZOOM FIT Bright Crimson lavaGlow Training Running shoes 704658 601,.  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 Zoom All Out Low 2 Women’s Running shoes “Hot Punch” AJ0036-603 sz 8,.  However, it has been shown by others that the recent web high flyers are mostly concentratedWMNS Nike Air Max Thea Women's Running shoes 599409 108 size 6.5 New in the box,.

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

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  3. 7 WOMEN'S NIKE W SF AF1 SPECIAL FIELD AIR FORCE 1 MIDNIGHT NAVY BOOTS 857872-401,–  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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