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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 Womens Nike Air Max 1 LX Size 10.5 shoes Premium 917691 801 Guava Ice Lux, 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 Max 90 GS Juniors Girls Trainers White Black Pink Silver 345017 122,.

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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 Womens Free RN Flyknit 2017 Fabric Low Top Lace Up Running Sneaker,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Air Max 97 Premium Lux Womens Running shoes Lifestyle Sneakers Pick 1,.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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Womens Nike x Rox Brown Air Force 1 Jester XX High NYC Black Silver BV1575-001,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Women's Nike Free RN Run 2017 Sneakers 880840-300 Aqua Teal Purple 7.5 - 10 NIB,.

Nike Women's Air Vapormax Flyknit Oreo Black White 849557 041 Size 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 Huarache Run SD Women's shoes Size 6 Port Wine Style AA0524 602,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNIKE WMNS Legend React Womens Aa1626-071 Size 10,.

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
EUR Shoe Size (Women's): EUR 40
Product Line: Nike Air Max Color:

Metallic Gold/Black/University Red

Model:

Nike Air Max Plus TN SE

Brand:

Nike

Accents: Metallic UK Shoe Size (Women's): UK 6
UPC:

Does not apply

US Shoe Size (Women's): US 7Y

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  3. Nike Air Max 90 Premium Hyperfuse PRM HYP Solar Red 454446-600 SZ 5.5,–  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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