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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 Tanjun Racer Running Men's shoes Size 9, 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.2011 NIKE ZOOM KOBE VI 6 ALL-STAR CHALLENGE RED WHITE BLACK 448693-600 NEW 9.5,.

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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.Men 10Us Mint Air Jordan 7 Retro,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Air Max 1 Ultra Size 10.5,.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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Jordan 11 LEGEND blueE US size 11 New In Box,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike lebron elite PS P.S. 9 IX South Beach DS Deadstoke US 9.5,.

NIKE PROJECT BA SB SZ 8 BRIAN ANDERSON TURBO GREEN WHITE RUST FACTOR 599698 316,.  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 95 OG MITA UENO PredOTYPE SIZE 10 IN DEADSTOCK CONDITION W OG BOX,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Men's Zoom Stefan Janoski Canvas shoes Green & Black 705190-301 Size 9.5,.

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

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Item specifics

Condition:
New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
US Shoe Size (Men's): 11.5
MPN:

00-DGJC2FCE-TL

Style: Athletic
Brand:

NIKE

UPC:

NA

DS NIB Nike Air Force 1 Premium '07 Tweed Bronzed Olive White 315180 291 SZ 9.5, We think that there are a few reasons:

  1. RETRO NIKE AIR JORDAN V Premio BIN 23 sz 12 BIN 650 Shipped, – 2010 NIKE AIR JORDAN 11 RETRO COOL GREY,
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  3. Nike Air Jordan 1 Mid RE2PECT Derek Jeter Size 8.5 Obsidian Yankees DS,–  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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