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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 Vomero 13 Womens 922909-009 Grey bluee Pink Running shoes Size 12, 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 Metcon 3 III Women's Size 7.5 Crossfit Training shoes Pink Berry 849807-005,.

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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 Flex Experience RN 6 Womens Running shoes (B) (008) BUY NOW ,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Dunk Hi LX Python shoes Max orange Electrolime Ivory SZ 8.5 WMNS 881233-800,.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 Womens Nike Roshe One Prm 833928-601 RUST PINK Womens Size 6,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.NIKE AH6801-001 Women WMNS Roshe ONE Knit Black Cool Grey White,.

Nike Air Max 270 Flyknit Crimson Pulse White Girls Women's Trainers size 7.5us,.  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 Sequent trainers shoes 719916 802 eu 38 us 7 NEW IN BOX,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNIKE W Nike Dualtone Racer 917682-604 PORT WINE Size 9,.

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

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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
Color:

Multi-Color

Brand:

Nike

US Shoe Size (Women's): 6.5
Style: Running Shoes UPC:

Does not apply

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  3. New NIKE AIR FORCE 1 '07 XX Women shoes Sneakers Dark Grey White 7 US = 38 EUR,–  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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