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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 Women's Nike Air Huarache City Athletic shoes Size 12 Aqua Black Pink AH6787-400, 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.BLING Nike Slides pink gold and BLACK Bedazzled Nike JDI CRYSTAL Sandals,.

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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 Women Zoom All Out Low 2 AJ0036-100 White Off White Size 10,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.W NIKE AIR PRESTO FLYKNIT ULTRA SZ 6 WMNS (835738 401),.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 Womens Nike Air Zoom Accurate 909734-002 PURE PLATINUM Size 8,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Womens NIKE AIR MAX THEA KJCRD Cinnabar SyntheticTrainers 718646 600 RRP .99,.

Nike WMNS Metcon 4 Rise AH8184-100 White Wolf Grey Women Size 6.5 Training shoes,.  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 SB WMNS Blazer Mid Basic Pinstripe Graphite Grey 314992-001 NEW rare US 5,.  However, it has been shown by others that the recent web high flyers are mostly concentratedWomen's Nike Blazer Mid Rebel Sneakers size 9,.

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
Color:

Black

US Shoe Size (Women's): US 5 Brand:

Nike

Width: Medium (B, M) Style: Fashion Sneakers
UPC:

888409814998

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  2. Women's Nike Free 5.0 TR Fit 5 Print “N7” 717812-361, – Womens Nike Air Max Deluxe Sneakers Black Midnight Navy AQ1272 001 Size 10,Womens Nike Lunarepic Low Flyknit 2 Trainers 863780 101,
  3. Nike Vandal 2K Sneaker PINK Size US7.5,–  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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