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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 WOMEN FREE RUN 2 ID RED-GREEN-blueE SZ 10W [605422-992], 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 Force Suede Bright Red Gum 749266 601 Hi qs premium WOMENS 9, MENS 7.5,.

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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 Metcon 3 Womens Size 10.5 Cross Training shoes Wolf Grey White 849808-002,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Air Huarache Run SD Womens AA0524-601 Gym Red Coral Running shoes Size 6.5,.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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WMNS NIKE HYPERDUNK 2013 TB (599527 801) SZ 15 CM 33,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike Womens Air Huarache Run Ultra Running Trainers 819151 Sneakers shoes 012,.

NEW Womens NIKE AIR MAX THEA ULTRA FK 881175 800 Pink & Black Knit Sz 9.5,.  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 W Air Huarache City Low Elemental gold White Running Women's AH6804-700,.  However, it has been shown by others that the recent web high flyers are mostly concentratedSz 7.5 Womens Air More Uptempo Black Hot Punch Volt Pippen 917593 002,.

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

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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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