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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 Rare nike Air Max JR 442478-600 Red Hi Top Sneakers Leather Boots Size 11, 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.NEW WMNS SZ 8.5 NIKE NSW GAITER BOOT (AA0528 001) BLACK BLACK-ANTHRACITE,.

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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.WOMENS NIKE AIR HUARACHE LEOPARD BLACK KHAKI RUNNING SHOES 725076-007,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Women's Nike AF1 Flyknit shoes, Size 5.5 STYLE,.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:


Nike Air Max 1 BHM QS WMNS 8.5 Metalic gold Red,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Womens NIKE LUNARTEMPO Light bluee Running Trainers 705462 400,.

Women's Nike Flex 2016 RN Running shoes, 830751 501 Sizes 6-11 Purple Grey Fire,.  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 90 Premium women lifestyle sneakers NEW dark grey 896497-003,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNIKE WOMENS AIR HUARACHE RUN SD SZ 6-10 DIFFUSED blueE MIDNIGHT GUM AA0524 400,.

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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