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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 Foamposite One MT QS Size 13 Anfernee Penny Hardaway Memphis Tiger’s PE,.

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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 PLUS TN ULTRA TRIPLE BLACK MEN'S TRAINERS ALL SIZES,.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 Zoom Rival MD 7 White Black Lime Middle Distance Track Spike NEW Mens 7,.  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.NEW MEN'S NIKE FREE RUN RN COMMUTER 2018 BLACK OIL GREY AA1620 005 RUNNING SHOES,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNike Air Jordan 6 VI Retro White Carmine Red Black Mens 384665 160 US 13,.

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

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  3. Nike Air Foamposite Pro Metallic Silver Surfer 616750-004 Size 9.5,–  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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