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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 DS Nike Kyrie 1 What The Nike ID Rare Limited Edition Boston Celtics, 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 XI 11 Retro Concords 2018 White Black Concord NIB 100% Authentic,.

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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 Dunk High Supreme Olympic 321762-441 New Rare size 6.5 100% Authentic,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Men 8Us 26 Lebron 16 King´S Throne,.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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NIKE Village Vintage Leather Sneakers shoes Brown Men's SIze 12 Made in USA Y107,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike Kobe XI 11 CARPE DIEM Mens Black Basketball shoes Size 13 836183-015,.

Nike Mens Size 11 Cortez Classic Basic Leather Navy Gunsmoke shoes 819719-400,.  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 Flair 50 Light Bone Sport Turquoise White Black Sz 13 AA3824-004,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Lebron XI 11 BLACK INFARED Sample Single shoes Led Lights Up Predotype WOW,.

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
Brand:

Nike

Color:

Camo

Style: Basketball Shoes
Product Line: Kobe Bryant US Shoe Size (Men's): 9
Width: Medium (D, M) UPC:

Does not apply

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  3. Nike Mens Air Jordan 14 Retro Ferrari Challenge Red Black-Yellow 654459-670,–  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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