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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 NEW NIKE AIR MAX 95 OG NEUTRAL OLIVE AT2865-200 MENS SZ 5 WOMENS SZ 6.5, 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 Free Transform Flyknit Womens Running Trainers 833410 400 Sneakers shoes,.

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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.Women's Nike Air Huarache City Athletic shoes Size 7 Aqua Black Pink AH6787-400,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Free RN 2018 Summer Womens AO1911-700 Lemon Wash Running shoes Size 5.5,.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 womens air max thea print running trainers 599408 010 sneakers shoes,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike Womens Air Force 1 Jester XX SE Size 8 shoes Black Sonic Yellow AT2497-001,.

NEW Nike Air Force 1 Upstep gold Beige Summit White 917590 900 Women Size 7,.  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 WMNS Air Max 1 Ultra Moire women lifestyle casual sneakers NEW black silver,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNIKE Women's WMNS Flex Adapt TR, Racer bluee Volt-Black-bluee Glow, 6.5 US,.

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

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  3. Womens Nike Studio Pack 555173 004 Size 10.5,–  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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