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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 95 SE PRM PURE PLATINUM BEIGE RUNNING ( AH8697 002 ) SIZE 8, 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 Womens Son Of Force Mid Trainers 616303 Sneakers shoes 110,.

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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 Air Max 90 Premium Safari shoes Wolf Grey CROC 443817 011 Women’s Size 7.5,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Wmns Air Force 1 '07 White White Classic Lifestyle shoes 315115-112 AF1,.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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New Nike Free RN Flyknit 2017 Running Womens Size 6 Hyper orange 831070-801,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike Team Hustle D 8 BG Women's Athletic shoes Black Size 3.5Y-7Y,.

Nike Womens Air Max 1 Ultra Plush Running Trainers 844882 001 Sneakers shoes,.  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 Zoom Pegasus 35 RN Shield [AA1644-001] Women Running shoes Oil Grey,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Air Zoom Pegasus 35 Shield Women Running shoes Black White 2018 AA1644-002,.

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

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  3. NIKE ROSHE ONE HI LIB QS (821776 400) SZ WMNS 6.5,–  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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