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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 Air Huarache City Athletic shoes Size 12 Aqua Black Pink AH6787-400, 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.New Nike Lab Air VaporMax Moc 2 Acronym Black Light Bone AQ0996-001 Wmns size 6,.

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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 WMNS Sock Dart BR women lifestyle sneakers NEW pale grey 896446-002,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.634835-605 Women's Nike Air Huarache Run shoes UNIV RED NIGHT MAROON WHITE ,.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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Women Nike Air Max 1 Ultra 2.0 SI 881103 102 Sail Oatmeal Brand New Size 11,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike WMNS Air Zoom Elite 9 black White Cool Grey 863770-001 Size 7,.

Nike Air Max 95 VALENTINE'S HEART ULTRA RARE 8.5 Women's Excellent ,.  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 Wmns Air Huarache Run Prm Hot Lava Fashion Classic Running 2015 683818-800,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Women's Free Trainer 8 Training shoes Celestial Teal Sneakers 942888-452,.

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

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  3. Women’s Nike Air Vapormax Flyknit “Triple Black” Size-9.5 (849557 006),–  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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