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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 Womens NIKE AIR ZOOM ULTRA RCT HC Tennis Trainers 859718 801, 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 Women's Classic Cortez Leather Black White White Casual shoes 9 Women US,.

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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.NEW WMNS SZ. 7 NIKE AIR MAX 97 UL '17 PRM (AO2325 001) LIGHT PUMICE ANTHRACITE,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Metcon 1 Women's Cross Trainer shoes 813101 001 Size 12,.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 Womens Shox Gravity Running Sneakers Size 8 Red Crush Cherry AQ8554-606,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike WMNS Air Revolution Premium Essential women lifestyle shoes NEW 860523-001,.

NIKE AIR MAX 97 ULTRA ‘17 “DUSTY PEACH” SHOES SIZE MENS 9.5 WOMENS 11,.  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 White Size 8 US Womens Athletic Running shoes Sneakers,.  However, it has been shown by others that the recent web high flyers are mostly concentratedWOMEN'S Nike Metcon 3 Sz 12 Wolf Grey Black Racer Pink 849807-008 FREE SHIPPING,.

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

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Item specifics

Condition: Pre-owned :
An item that has been used or worn previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: EXCELLENT MINT CONDITION
Model:

Jester

Heel Height: Low (3/4 in. to 1 1/2 in.)
Modified Item: No Material: Leather
Style: Low Top Color:

Black

Product Line: Nike Air Force 1 Brand:

Nike

US Shoe Size (Women's): US 9

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  3. NIKE WMNS Air Max Plus PRM Womens Barely pink Running shoes 848891-601 Size 9.5,–  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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