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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 AIR MAX PLUS TN SE TARTAN TUNED AIR PRINT PLAID SZ.6 (AV9955-001), 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 Wmns Classic Cortez Nylon Left Foot With Tiny Defect Women shoes 749864-700,.

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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 Flex Contact 2 Running shoes AA7409-400,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Womens RARE Nike Air Zoom Athens SAMPLE Trainer shoes Size 10 color Red Silver,.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 Epic React Flyknit Running shoes College Navy Racer bluee AQ0070 014,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike Women’s Air Max 90 Essential 616730-023 Size 6.5,.

Women's Nike Flyknit Racer Triple White Goddess Running shoes Sz 6.5 526628-100,.  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 HUARACHE GLADIATOR QS BOOTS FUCHSIA GLOW PINK SZ 11 [AH7702-500],.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Kyrie 5 GS Irving University Red Black Bred Basketball shoes AQ2456-600,.

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

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Nike Womens Air Zoom Mariah Flyknit Racer Sz 7 Bio Beige AA0521-200., We think that there are a few reasons:

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  3. Nike Free Rn (Big Kid),–  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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