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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 Lunarglide 8 Sz 8-12 Purple Earth Purple 843726-502 FREE SHIPPING, 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 Flex Supreme TR 5 Cross Training shoes - Choose SZ color,.

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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 Classic Cortez Premium Women's New Plum Chalk White Sneakers 905614-501,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.NEW Nike Lab Air Max 1 DSM Dover Street Market AH8051-100 Size Women's 7 7.5,.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 Women's Air Huarache Run Black Black Running shoes,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.NIKE Womens Nike Air Zoom Hyperace 902367-007 WOLF GREY Womens Size 7,.

140 NIB NIKE Women's Flyknit Zoom Agility Training shoes 698616 604,.  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 WOMENS SF AIR FORCE 1 MID SZ 6 SPECIAL FORCES ELEMENTAL gold AA3966 700,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Air Zoom Structure 21 Sz 11.5 M (B) Women's Running shoes 904701-002,.

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

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Item specifics

Condition: Pre-owned :
An item that has been used or worn previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Wore 1 time
Style: Basketball Shoes Color:


US Shoe Size (Women's): 12 Brand:



Does not apply

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  3. Nike Air Max 90 325213-039 Womens Basketball shoes Grey White & gold,–  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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