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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 Men 11Us Nike W Air Jordan 1 Rebel Xx Ut Pk, 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 12 LOW NIKE from japan (5223,.

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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 PENNY HARDAWAY FOAMPOSITE ONE MEMPHIS TIGERS LIMITED MT QS SIZE 7.5,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.NIKE LD 1000 Premium VNTG Varsity Maize orange Blaze Vintage Sneakers 9 1 2,.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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Air Max 98 Supreme Supreme Black ,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.2017 Nike Court Zoom Vapor Rodger Federer RF x AJ3 Fire Red size 9 Men,.

NIKE AIR MAX 95 DOERNBECHER USED SIZE 9.5 VARSITY ROYAL WHITE RED 318351 411,.  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 LeBron 6 VI PE business Size 8 White Black Grey sample Championship 1of150,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Kyrie 2 X Kobe PE Set Sz 14 Rare Promo Sample,.

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

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NIKE SB X PREMIER Win Some Lose Some , We think that there are a few reasons:

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  2. NIKE STEFAN JANOSKI MID WARMTH BLACK GYM RED GUM MED BROWN SIZE 9 NEW, – Nike Kobe 11 XI Philippines Sz 8.5 Midnight Navy bluee gold HTM FTB AS 836183-447,NIKE AIR MAX 97 COOL GREY RACER blueE [921826-012] US MEN SZ 13,
  3. Nike Hyper Adapt 1.0 EARL Snowcap Black bluee Lagoon 843871-001 Sz8.5 auto lace 1,–  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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