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Posted July 11th, 2011 in Exits IPOs M&As, VC-backed Biotech Returns
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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 Women's Air Zoom Pegasus 35 Premium Size 8 Running Workout shoes AH8392 800, 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 Women’s Uptempo Vintage Rare 2004 shoes,.

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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.NEW WOMENS NIKE FREE 5.0 TR FIT 5 PRT PINK POW VOLT BLACK Size 7.5,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Air Jordan 4 IV Retro 2018 Womens Sz 5.5 Red October Singles Day AV3914-600,.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's Nike Air Max 90 LX - SIZE 8 - 898512-005 Tar Black Pony Horse Hair Brown,.  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.Womens NIKE AIR MAX THEA Grey Trainers 599409 014,.  However, it has been shown by others that the recent web high flyers are mostly concentratedWMNS AIR FORCE 1 SF AF1 MID SPECIAL FIELD BLACK-DARK HAZEL SZ 9.5 [AA3966-003],.

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

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  3. Nike Air Max 93 iD Air Max Day 3.26 shoes AR5337 991 Women Sz 8.5 Men Sz 7,–  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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