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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 WMNS NIKE AIR MAX 2011 N7 2009 2013 WHITE-TURQUOISE-PINK SZ 8 [845397-146], 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 Air Huarache Run Womens 634835-606 Sport Fuchsia Gum Running shoes Size 7.5,.

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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 AIR MAX White & bluee Running Training Athletic shoes Sneakers - WOMEN'S 8,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Women's Free 5.0 Tr Fit 5 Prt Black Metallic Silver Volt Training sz 6.5,.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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Nike Air Force 1 '07 SE PRM Womens Size 12 Jelly Puff Pale Ivory Summit White,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike Flex 2016 RN Women's Mesh Performance Running shoes 830751-401 (11),.

Nike Air Max Thea Ultra Flyknit Crimson Wolf Grey-Black 881175-600 Womens SZ 8.5,.  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 Thea women's running shoes 100% authentic,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Women's Air Max 1 Essential Brown Running shoes,.

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

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Item specifics

Condition:
New without box: A brand-new, unused, and unworn item (including handmade items) that is not in original packaging or ... Read moreabout the condition
Product Line: Air Max
UK Shoe Size (Women's): UK 5.5 Brand:

Nike

Style: Running, Cross Training Model:

air max 95

Country/Region of Manufacture: Indonesia US Shoe Size (Women's): US 8
EUR Shoe Size (Women's): EUR 39 Stylenumber: 918413-002
Width: Medium (B, M) Gender: Womens
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Lt Pumice/Anthracite/Gunsmoke/Atmosphere Grey

UPC:

Does not apply

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  3. Nike Af1 Utility Black And Gum Womens Size 9,–  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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