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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 2001 NIKE AIR JORDAN 1 RETRO BRED Sz 11.5, 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 9 IX Retro Quai 54 Q54 White Maize Size 10.5. 302370-105,.

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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 Jordan Collezione 13 10 Rare DMP Countdown Pack 2008 Brand New Sz 11.5,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Air Jordan 1 Retro High OG Defiant Couture Size 8-9.5 Black Red BQ6682-006,.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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Lebron 8 South Beach Pre Heat Sz 10,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.Nike LeBron 16 XVI King Red gold Size 12. AO2588-601,.

Nike Lebron 9 P.S. Elite Series “South Beach” NIB,.  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.2010 Nike Zoom KOBE V 5 ‘DARK KNIGHT’ 386429-001 Size 13 Prelude FTB Bruce Lee,.  However, it has been shown by others that the recent web high flyers are mostly concentratedMen 8.5Us Nike Shox Retro High And,.

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

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Item specifics

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New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
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  3. Nike Air Jordan XVII OG 2002 Retro Wizards White College bluee Black x 302720 141,–  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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