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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 Air Jordan Retro 5 shoes, Black Cool Grey-White, Size 8, Brand New, 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.Air Jordan Retro 12 Dark Grey 100% Authentic Deadstock Sz 13 130690-005,.

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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 Lab Air Vapormax Flyknit QS Oreo Size 11.5. 899473-002 max 1 95 97 og 2017,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Men 8Us Nike Air Jordan 3 Retro Og,.g.,. top 1% of Tech deals almost certainly have higher multiples than LS).


But, as one would expect, not all of the news for Life Sciences is rosy:

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2009 DS NEW NIKE AIR JORDAN I 1 RETRO HIGH DMP BULLS MEN 7.5 WOMEN 9 BRED 6 7 8,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.2013 NIKE AIR JORDAN 1 HIGH OG BLACK ROYAL blueE US 15 14 49.5 BRED RETRO HI AJ,.

Men 11 Us Nike Vapor Per Fly 4 Knit cm Deep Royal bluee,.  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 JORDAN 11 XI RETRO COOL GREY DS SIZE 12 2010,.  However, it has been shown by others that the recent web high flyers are mostly concentratedAir Jordan 3 Retro White Fire Red Silver Black Size 7.5,.

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

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  3. Kevin Durant KD 6 premium “ What The KD” Nike sz 13,–  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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