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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 MENS NIKE AIR JORDAN 6 VI BLACK INFRARED 2014 BRAND NEW DS RARE SIZE 8.5 Tgold, 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 Air Jordan Retro 5 V LANEY GSW Warriors KD Royal bluee gold Yellow PE QS 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.Nike Air Force 1 Hi White Misplaced Checks SZ 12 DS Pair 23 75 John Geiger AF1,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.NIKE AIR MAX 1 PATCH PACK STEEL GREEN KHAKI 704901 300 SP VT US 11 OLIVE,.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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Nike Air Jordan Retro 6 Black Infrared Size 9.5 2019 BRAND NEW DS OG,.  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.Air Jordan 3 Bio Beige JTH,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Air Jordan 9 Retro Space Jam White Red Black 302370-112 Size 9.5,.

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

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  3. Unreleased Nike Air Force 1 AF1 Low Retro LA Los Angeles Promo Sample PE 12,–  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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