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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 Lebron X CUTTING JADE Sz 11.5 Nike Retro 11 IX 541100 303, 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 5LAB3 631603-003 SZ12 DOERNBECHER OREGON BC3 WC3,.

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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 Kobe 9 IX Elite size 10 multicolor 630847-001 multi lakers bryant shoes,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Just Don C AIR JORDAN Retro II 2 Beach Size 11 NEW Nude DS NIKE bluee,.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 Metcon 3 Size 13 M (D) Men's Cross Training shoes Grey 852928-004,..  And, post-IPO performance has been dramatically better in IT than it has been in Life Sciences.AIR JORDAN 6 RETRO 2014 384664-023 black infrared 23-black Size 12,.

VINTAGE 1990 NIKE AIR SKYLON GREY PURPLE RUNNING TRAINER SHOES SIZE 11.5 RARE,.  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 JORDAN RETRO 12 XII FRENCH blueE sz 9 136001 141 AQUAS DB BIN DON 23,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNIKE Men’s SIZE 7 Manoadome Boots Work Winter Sneaker 844358 004 Light Bone New,.

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

Width: Medium (D, M) Style: Basketball Shoes
Color:

Multi-Color

US Shoe Size (Men's): 13
Euro Size: 47.5 UPC:

Does not apply

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  3. Nike x J.Crew Killshot 2 White Leather shoes US 11 only worn in photo shoot,–  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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