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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 Studio Wrap Pack 2 PRT Women Footwear System purple Purple 646696 500, 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 Free RN Distance 2 II womens running run sneakers NEW lava 863776-602,.


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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 Max 95 Size 7.5 shoes pink Glitter Sparkle AT0068 600 NEW,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Women's Nike Air Zoom Vapor X HC Tennis shoes Crimson Black [AA8027 800] Sz 8US,.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 Air Max 97 UL 17 LX Dusty Peach Summit White AH6805-200 Size 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 Air Max 2016 Women's shoes 6 US Black Multi-color-Noble Red,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Women's Flex Experience RN 6 Running shoes,.

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

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Item specifics

New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
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US Shoe Size (Women's): 6.5 Gender: Womens

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  3. Women Air Revolution ESS Paisley Detail Leather Hi Black shoes 860523-001 Size 7,–  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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