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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 Max 90 Womens' shoes Binary bluee Oatmeal White 325213-410, 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.Rare Women Nike Free Transform Flyknit shoes SZ 18,.

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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 1 White Obsidian Black 319986-104 Women's Running Sneaker NEW Low,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.NIKE AIR MAX 1 ID WHITE-BLACK SZ 10.5 WOMENS MENS SZ 8 MESH TOE [A00964-972],.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 Zoom Fly Sz 7.5-9 Black Black Anthracite 897821-003 FREE SHIPPING,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.NEW NIKE AIR MAX 93 SHOES WHITE SPORT TURQ BLACK 307167-100 WOMEN SIZE 10,.

Womens Nike Air Max 1 Ultra Ess PRM (NFL) Superbowl Black SZ 5.5 (839475-081),.  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.WMNS NIKE AIR MAX 1 ESSENTIAL SZ 11 NEW 599820 024 WOLF GREY WHT-STLTH NO LID QS,.  However, it has been shown by others that the recent web high flyers are mostly concentratedWOMENS NIKE AIR FORCE 1 07 LX HORSE HAIR ARCTIC orange NEW 898889-800 (SIZE 8),.

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

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  3. NIB Nike Woman Air Max 95 Size 10 Sail Guava Ice Lifestyle Sneakers 307960-111,–  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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